Required information Problem 11-1A Short-term notes payable transactions and entries LO P1 The following information applies to the questions displayed below. Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $35, 000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face inventory system. interest along with paying $0 in cash. value of $57,000 Paid the amount due on the note to NBR Bank at the maturity date. value of $30, 000 ?-Paid the amount due on the note to Locust at the maturity date. ? Nov. 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 Paid the amount due on the note to Fargo Bank at the maturity date. Prev 10 of 14 Next> Import a new IIst Purchased $35,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. 1 Tyrell 2 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $0 in cash. 3 Borrowed $57,000 cash from NBR Bank by signing a 120 day, 10% interest-bearing note with a face value of $57,000. Credit 4 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 5 Note: - journal entry has been entered Required information Paid the amount due on the note to Fargo Bank at the maturity date Note: Enter debits before credits Daie General Journal Debit Credit Jan 27, 2017 View general journal Clear entry Record entry