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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. a Year 1 April 2e Purchased $35,eee of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 2e account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying se in cash. July 8 Borrowed $69,eee cash from NBR Bank by signing a 120-day, 11%, $69,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. November 28 Borrowed $30, eee cash from Fargo Bank by signing a 60-day, 8%, $30,eee 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 1 Required: 1. Determine the maturity date for each of the three notes described. Locust August 9, Year 1 NBR Bank August 9, Year 1 Fargo Bank August 9, Year 1 Maturity date
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