Required: 1. Determine the maturity date for each of the three notes described.

2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.)

3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculations. Use 360 days a year.)

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.)

5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.)

1.

Maturity date:

• May 19, Year 1
• July 8, Year 1
• Aug. 9, Year 1
• Aug. 17, Year 1
• Nov. 5, Year 1
• Nov. 28, Year 1
• Jan. 27, Year 2
• Jan. 28, Year 2

2.

Time:

• 120/360
• 30/360
• 60/360
• 90/360

3.

Time:

• 27/360
• 27/60
• 28/360
• 28/60
• 29/360
• 29/60
• 30/360
• 31/360
• 31/60
• 32/360
• 32/60
• 33/360
• 33/60
• 60/360
• 60/90
• 90/360

4.

Time:

• 27/360
• 27/60
• 28/360
• 28/60
• 29/360
• 29/60
• 30/360
• 31/360
• 31/60
• 32/360
• 32/60
• 33/360
• 33/60
• 60/360
• 60/90
• 90/360

5.

General Journal:

• Accounts payableLocust
• Accrued payroll payable
• Bonus payable
• Cash
• Cost of goods sold
• Deferred income tax liability
• Earned services revenue
• Earned ticket revenue
• Employee benefits plan payable
• Employee bonus expense
• Employee fed. inc. taxes payable
• Employee life insurance payable
• Employee medical insurance payable
• Employee union dues payable
• Estimated warranty liability
• Federal unemployment taxes payable
• FICAMedicare taxes payable
• FICASocial sec. taxes payable
• Income taxes expense
• Income taxes payable
• Interest expense
• Interest payable
• Merchandise inventory
• Notes payableFargo Bank
• Notes payableLocust
• Notes payableNBR Bank
• Payroll taxes expense
• Repair parts inventory
• Salaries expense
• Salaries payable
• Sales
• Sales salaries expense
• Sales taxes payable
• State unemployment taxes payable
• Unearned services revenue
• Unearned ticket revenue
• Vacation benefits expense
• Vacation benefits payable
• Wages expense
• Warranty expense

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 $30,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July a Borrowed $69,000 cash from Ner Bank by signing a 120-day, 118, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 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. Locust NBR Bank Fargo Bank Maturity date 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 $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $69,000 cash from NPR Bank by signing a 120-day, 116, $69,000 note payable. _2 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 $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 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. 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 X X X % x 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 $30,000 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 $3,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11, $69,000 note payable. 2 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 $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 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 calculations. Use 360 days a year.) Year End Accrual Required For: Principal X Rate Fargo Bank x Time % Interest Interest to be accrued in Year 1 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 $30,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July 3 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 88, $36,000 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. 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 x Time Principal Rate Interest Interest to be recorded in Year 2 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 $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July 3 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 88, $36,000 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. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Purchased $38,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits Date General Journal Debit Credit Apr 20 Record entry Clear entry View general journal 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 $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $69,000 cash from NPR Bank by signing a 120-day, 116, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 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. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet 2 4 5 3 7 > Replaced the April 20 account payable to Locust with a 90-day, 8%, 535,000 note payable along with paying $3,000 in cash. Note: Enter debits before credits. Date General Journal Debit Credit May 19 Record entry Clear entry View general Journal 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 $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 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. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits General Journal Debit Credit Date Aug 17 Record entry Clear entry View general Journal 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 $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July a Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 88, $36,000 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. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 8%, $36,000 note payable. Note: Enter debits before credits. Date General Journal Debit Credit Nov 28 Record entry Clear entry View general Journal 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 $30,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July a Borrowed $69,000 cash from NER Bank by signing a 120-day, 11%, $69,000 note payable. 2 Paid the amount due on the note to Locust at the maturity date. 2 Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 2 Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list 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 Dec 31 Record entry Clear entry View general Journal 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 $30,000 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 $3,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 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. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Purchased $38,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits Date General Journal Debit Credit Apr 20 Record entry Clear entry View general journal 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 $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $69,000 cash from NPR Bank by signing a 120-day, 116, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 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. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet 2 4 5 3 7 > Replaced the April 20 account payable to Locust with a 90-day, 8%, 535,000 note payable along with paying $3,000 in cash. Note: Enter debits before credits. Date General Journal Debit Credit May 19 Record entry Clear entry View general Journal 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 $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 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. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits General Journal Debit Credit Date Aug 17 Record entry Clear entry View general Journal 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 $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July a Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 88, $36,000 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. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 8%, $36,000 note payable. Note: Enter debits before credits. Date General Journal Debit Credit Nov 28 Record entry Clear entry View general Journal 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 $30,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 0, $35,000 note payable along with paying $3,000 in cash. July a Borrowed $69,000 cash from NER Bank by signing a 120-day, 11%, $69,000 note payable. 2 Paid the amount due on the note to Locust at the maturity date. 2 Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 2 Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list 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 Dec 31 Record entry Clear entry View general Journal 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 $30,000 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 $3,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 0, $36,000 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. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet