Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $35,588 of merchandise on credit from Locust, terms n/3e. May 19 Replaced the April 20 account payable to Locust with a 90-day, 79, $35, eee note payable along with paying 589 in cash. July 8 Borrowed $60,wee cash from NBR Bank by signing a 120-day, 10%, 562,889 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. November 28 Borrowed $21.00e cash from Fargo Bank by signing a 60-day, 8, $21.eee note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Paid the amount due on the note to targo Bank at the maturity date. Problem 11-1A (Algo) Part 1 Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity dete Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 2e Purchased $35,5ee of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 2e account payable to Locust with a 90-day, 7%, 385,908 note payable along with paying $50e in cash. July 8 Borrowed $60,eee cash from NBR Bank by signing a 120-day, 10%, $60,eee 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. November 28 Borrowed $21,cee cash from Fargo Bank by signing a 60-day, 83, 521 989 note payable. December 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. Problem 11-1A (Algo) Part 2 2. Determine the interest due at maturity for each of the three notes. (Do not round Intermediate calculatlons and round your final answer to nearest whole dollar. Use 360 days a year.) Principal X Rate Time w interest Locust % > NBR Bank % 7 Fargo Bank % Tyrell Company entered into the following transactions involving short-term liabilities. April 2e Purchased $35, see of merchandise on credit from Locust, terms n/se. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,eee note payable along with paying ssee in cash, Duly 8 Borrowed $60, eee cash from NBR Bank by signing a 120-day, 10%, $6e,eee 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. November 28 Borrowed $21, eee cash from Fargo Bank by signing a 60-day, 8%, $21, ove note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. PI Year 2 _?__ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 3 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round Intermedlete calculations an round your final answer to neerest whole dollar. Use 360 days a year.) Year End Accrual Required For: Fargo Bank Principal Rate X Time interest Interest to be accrued in Year 1 NE Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 2e Purchased $35 see of merchandise on credit from Locust, terms ne May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying ssee in cash. July 8 Borrowed $60, eee cash from NBR Bank by signing a 128-day 10%. $60,000 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 naturity date. November 28 Borrowed $21,eee cash from Fargo Bank by signing a 60-day, 8%, $21,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2 Year 2 _?_ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 4 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 Principal M Rata Time Interest Interest to be recorded in Year 2 Vien transaction list rt 5 of 5 Journal entry worksheet 1 2 8 4. 4 6 T Purchased 535,500 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date Generatournal Debit @redit April 20 Record entry Clear entry View general journal 045 Journal entry worksheet 2 4 5 6 8 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying $500 in cash. Note: Enter cebits before credits. Date General Journal Debit credit May 19 Record entry Clear entry Nieu general fouma 3 5 6 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 10%, $60,000 note payable. Note: Enter debits before credits, General Journal Debit Credit July 0 View general joumal Clear entry Part 5 of 5 Journal entry worksheet 4 5 7 8 Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit August 17 Record entry Clear entty View general journal Journal entry worksheet 2 8 4 6 H 8 > Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit November 05 E Record entry Clearent View genera joumal Part 5 of 5 Journal entry worksheet 3 6 8 Borrowed $21,000 cash from Fargo Bank by signing a 60-day, 8%, $21,000 note payable. Note: Enter debits before credits. Date General Journal Debit Credit November 28 Recorderly Clear eru View genera journal Journal entry worksheet 3 5 6 8 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry ievu generalforma Journal entry worksheet