O Required information [The following information applies to the questions displayed below) Tyrell Co entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $38,eee of merchandise on credit from Locust, terms n/3e. May 19 Replaced the April 2e account payable to Locust with a 90-day, 8%, 35,8ee note payable along with paying $3,000 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11%, $63, 000 note payable. ? Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $27,eee cash from Fargo Bank by signing a 60-day, 7%, $27,eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date May 19, Year 1 July 8, Year 1 Aug. 9, Year 1 Aug. 17, Year 1 2. Determine the Interest due at maturity for each of the three notes (Do not round your intermediate calculations. Use 360 days a year.) Principal X Rate Time Interest Locust NBR Bank Fargo Bank X 120/360 30/360 60/360 90/360 2. Determine the interest due at maturity for each of the three notes. (Do not year.) Principal x Rate Time Interest Locust X % x; 1% x NBR Bank X Fargo Bank X 1% x Year 1 Apr. 20 Purchased $38,688 of merchandise on credit from Locust, terms n/3e. May 19 Replaced the April 2e account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,eee in cash. July 8 Borrowed 563,888 cash from NBR Bank by signing a 120-day, 11%, $63,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 7%, $27,eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculation Use 360 days a year.) Year End Accrual Required for: Fargo Bank Time Interest Principal * Rate Interest to be accrued in Year 1 4. Determine the interest expense recorded in Year 2. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) Year end accrual required for Fargo Bank Time Principal Rate Interest Intecost to be recorded in Year 2 Journal entry worksheet Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,000 in cash. Note: Enter debits before credits. General Journal Debit Credit Date May 19 Post + 2. 4 5 6 7 CO Borrowed $63.000 cash from NBR Bank by signing a 120-day, 11%, $63,000 note payable Notes Enter debits before credits General Journal Debit Credit Date Jul 08 y work neet 8 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 7%, $27,000 note payable. Note: Enter debits before credits. General Journal Debit Credit Date Nov 28 Lowe Journal entry worksheet Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits Date General Journal Debit Credit Doc 31 Drau 18 Journal entry worksheet Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits. Date Jan 27 General Journal Debit Credit
