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! Required information Problem 9 - 1 A ( Static ) Short - term notes payable transactions and entries LO P 1 [ The following

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Required information
Problem 9-1A (Static) 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 $40,250 of merchandise on credit from Locust, terms n30.
May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash.
July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable.
?q, Paid the amount due on the note to Locust at the maturity date. q, December 31 Recorded an adjusting entry forgo Bank by signing a 60-day, 8%,$42,000 note payable.
Year 2
q,? Paid the amount due on the note to Fargo Bank at the maturity date.
Problem 9-1A (Static) Part 2
2. Determine the interest due at maturity for each of the three notes.
Note: Do not round your intermediate calculations. Use 360 days a year.
\table[[,Principal,x,Rate,x,Time,=,Interest],[Locust,,x,%,x,,=,],[NBR Bank,,|x|,%,x,,=,],[Fargo Bank,,x,%,x,,=,]]
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