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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 Company 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 Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 98, $35,000 note payable along with paying $5,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 118, $54,000 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 $24,000 cash from Fargo Bank by signing a 60-day, 68 , $24,000 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 9-1A (Algo) Part 2 2. Determine the interest due at maturity for each of the three notes. (Do not round intermediate calculations and round your final inswer to nearest whole dollar. Use 360 days a year.)
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