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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 liabilities. Year 1 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 88, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 121, $57,000 note payable. 7 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 $27,000 cash from Fargo Bank by signing a 60-day, 81, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 7 Paid the amount due on the note to Yargo 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
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