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 $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 11%, $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. Nov. 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 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 9-1A Part 5 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Purchased $36,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. General Journal Debit Credit Date Apr 20 Record entry Clear entry View general journal 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying $1,000 in cash. Note: Enter debits before credits. Date General Journal Debit Credit May 19 Record entry Clear entry View general journal 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. General Journal Debit Credit Date Aug 17 Record entry Clear entry View general journal Journal entry worksheet Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. General Journal Debit Credit Date Nov 05 Record entry Clear entry View general journal Journal entry worksheet Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. Note: Enter debits before credits. General Journal Debit Credit Date Nov 28 Record entry Clear entry View general journal Journal entry worksheet Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet
