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 in 2016 and 2017 2016 Apr. 20 Purchased $38,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8t annual interest along with paying $3,500 in cash. July & Borrowed $54,000 cash from NBR Bank by signing a 120-day, 108 interest-bearing note with a face value of $54,000. 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 $24,000 cash from Fargo Bank by signing a 60-day, 68 interest-bearing note with a face value of $24,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 _?_ Paid the amount due on the note to Fargo Bank at the maturity dette. View transaction list Journal entry worksheet Purchased $38,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. Note: Enter debits before credits. General Jour Debit Credit Date Apr 20, 2016 ST TE Record entry Clear entry View general journal View transaction list Journal entry worksheet Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying Note: Enter debits before credits. General Journal D obit Date May 19, 2016 Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet .... 3 4 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10% interest bearing note with a face value 2 0 0 in ISO Note: Enter debits before Date Jul 08, 2016 0 General Journal D ebit Credit / TL / / / Record entry Clear entry View general journal Journal entry worksheet Paid the amount due on the note to Locust at the maturity date. 3 25 Note: Enter debits before credits, Date Aug 17, 2016 Debit Credit TL Record entry Clear entry View general journal View transaction list 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, 2016 Record entry Clear entry View general journal of 5 View transaction list Journal entry worksheet Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 6% bearing note with a face value of $24,000. zook Print Note: Enter debits before credits General Journal Debit Credit Date Nov 28, 2016 erences Record entry Clear entry View general journal View transaction list Journal entry worksheet
