Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information Problem 9-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Co. entered into
Required information Problem 9-1A 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. Year 1 Apr. 20 Purchased $37,000 of merchandise on credit from Locust, terns n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 89, $35,000 note payable along with paying $2,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 10%, $66,000 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. Nov. 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 91, $33,000 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 9-14 Part 5 Journal entry worksheet < 1 2 3 4 5 6 7 8 Purchased $37,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date Apr 20 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 3 4 5 6 7 8 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $2,000 in cash. Note: Enter debits before credits. Date: May 19 General Journal Debit Credit Record entry Clear entry View general journal 25 Journal entry worksheet < 1 2 4 5 6 7 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 10%, $66,000 note payable. Note: Enter debits before credits. Date Jul 08 General Journal Debit Credit Clear entry View general journal Record entry Journal entry worksheet 1 2 3 5 6 7 8 Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Date Aug 17 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 6 7 8 Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Date Aug 17 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 6 7 8 Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Date Nov 05 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 9%, $33,000 note payable. Note: Enter debits before credits. Date Nov 28 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet > 1 2 3 4 5 6 7 8 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits. Date Jan 27 General Journal Debit Credit Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started