question 4

Problem 9-1A (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 Parchased $37,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 88, $35,000 note payable along with paying $2,500 in eash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 111, $57,000 note payable. - Paid the amount due on the note to Locust at the maturity date. November 28 Paid the amount due on the note to HBR Bank at the maturity date. Dovember 28 Borrowed $30,000 cash from Fargo Bank by signing a 60 -day, 71, $30,000 note payable. Year 2 ? Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A (Algo) Part 3 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round intermediate calculations and ound your final answer to nearest whole dollar. Use 360 days a year.)