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 $39,000 of merchandise on credit from Locust, terms May 19 Replaced the April 20 account payable to Locust with a 90-day, 8\%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 12%, $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 $36,000 cash from Fargo Bank by signing a 60 day, 7\%, $36,000 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. Problem 11-1A (Algo) Part 1 Required: 1. Determine the maturity date for each of the three notes described. 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 $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8\%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120 -day, 12%, $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 $36,000 cash from Fargo Bank by signing a 60 day, 7%, $36,000 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. Problem 11-1A (Algo) Part 2 2. Determine the interest due at maturity for each of the three notes. Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year. 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 $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8\%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 12%, $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 $36,000 cash from Fargo Bank by signing a 60 -day, 7\%, $36,000 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. Problem 11-1A (Algo) Part 3 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year. 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 $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8\%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120 -day, 12%, $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 $36,000 cash from Fargo Bank by signing a 60 day, 7%, $36,000 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. Problem 11-1A (Algo) Part 4 4. Determine the interest expense recorded in Year 2. Note: Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year. 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 $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8\%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120 -day, 12%, $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 $36,000 cash from Fargo Bank by signing a 60 -day, 7%, $36,000 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. Problem 11-1A (Algo) Part 5 Journal entry worksheet Purchased $39,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Journal entry worksheet Replaced the April 20 account payable to Locust with a 90 -day, 8%, $35,000 note payable along with paying $4,000 in cash. Note: Enter debits before credits. Journal entry worksheet Borrowed $60,000 cash from NBR Bank by signing a 120 -day, 12%, $60,000 note payable. Note: Enter debits before credits. Journal entry worksheet 8 Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Journal entry worksheet Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Journal entry worksheet Borrowed $36,000 cash from Fargo Bank by signing a 60 -day, 7%,$36,000 note payable. Note: Enter debits before credits. Journal entry worksheet 1 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits. Journal entry worksheet Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits