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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 fobilities Year 1 Apr. 20 Purchased $36,500 of merchandise on credit from Locust, terns n/30 May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying $1,500 in cash July 3 Borrowed $S4,000 cash from NBR Bank by signing a 120 day, 106, 554,000 note payable. 22 Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to BR Bank at the maturity date. Nov. 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8X, 524,000 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 2 2. Determine the interest due at maturity for each of the three notes (Do not round your intermediate calculations. Use 360 days a year) Principal * Rate Time Interest Locust NOR Bank Fargo Bank 36X X X
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