Required Information 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 $35,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying $500 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-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 maturity date. November 28 Borrowed $21,000 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. 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 Intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.) Year End Accrual Required For: Fargo Bank Principal x Rate x Time Interest Interest to be accrued in Year 1 % 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 x Rate Time Interest Interest to be recorded in Year 2 96 = 5. Prepare Journal entries for all the preceding transactions and events. (Do not round your Intermediate calculations.) View transaction list Journal entry worksheet > 1 2 3 4 5 6 7 8 Purchased $35,500 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date April 20 General Journal Debit Credit > < 1 2 3 4 5 6 7 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 debits before credits. Date May 19 General Journal Debit Credit > 1 2 3 4 56 7 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 10%, $60,000 note payable. Note: Enter debits before credits. Date July 08 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 67 8 Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Date August 17 General Journal Debit Credit < 1 2 3 4 50 6 7 8 Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Date November 05 General Journal Debit Credit < 1 1 2 3 4 5 6 7 8 Borrowed $21,000 cash from Fargo Bank by signing a 60-day, 8%, $21,000 note payable. Note: Enter debits before credits. Date November 28 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 8 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 8 Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits. Date January 27 General Journal Debit Credit