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Required Information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Co. entered
Required Information Problem 9-1A (Algo) 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. Year 1 Apr. 20 Purchased $35,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 2e account payable to Locust with a 90-day, 8%, $35,eee note payable along with paying $e in cash. July 8 Borrowed $63,220 cash from NBR Bank by signing a 120-day, 11%, $63,eee 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 $24,90 cash from Fargo Bank by signing a 60-day, 6%, $24,eee 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. Problem 9-1A (Algo) Part 2 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 % X 96 x x NBR Bank Fargo Bank %6 x
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