Required information Problem 9-1A Short-term notes payoble transactions and entries LO P1 The following information applies to the questions displayed below] Tyrell Co, entered into the following transactions involving short-ierm liabaities. Year 1 Apr. 20 Purchased 539,000 of merchandise on credit fron Locust, terns n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 8k, $35,600 note payable along with paylng $4,600 in cash. July 8 Borrowed 557,000 cash from NeR Bank by signing a 120-day, 11x, \$57,000 note payable. -? Paid the anount due on the note to locust at the naturity date. - Paid the amount due on the note to NER Bank at the maturity date. hov. 28 Borrowed $30,000 cash from Fargo Bank by signing a 60day,9t,$30,000 note payable. Dec. 31 Recorded an adjusting entry for accruod interest on the note to Fargo Bank. Year 2 -2. Pald the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A Part 1 Required: 1. Determine the maturity date for each of the three notes described. Required information Problem 9-1A Short-term notes payable transactions and entries LO P1 TTe 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 nerchandise on credit from Locust, terns n/30. May 19 Replaced the Apri1 20 account payable to Locust Mith a 90-day, 8x,535,000 note payable along with paying July 8 Borrowed 557,000 cash froe hiek Bank by signing a 120-day, 111, 357,000 note payable. - Pald the amount die on the note to locust at the maturity date. Nov. 28 Borrowed $30,000 cash from Fargo Bank. byank at the maturity date. Dec. 31 Recorded an adjusting entry for acerued signing a 60-day, 98 , $30, 00e note payable. Year 2 -- Paid the amount due on the note to Fargo Bank at the eaturity 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 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 tredit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 84, $35,600 note payable along with paying $4,000 in cash. July 8 Borrowed $57,600 cash from KBR Bank by signing a 120-day, 112, $57,000 note payable. Paid the anount due on the note to Locust at the maturity date. Paid the aeount due on the note to NBR Bank at the maturity date. liov. 28 Borrowed $30,600 cash from Fargo Bank by signing a 60-day, 98,$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 naturity date. Problem 9-1A Part 3 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1 (Do not round your intermediate calculations. Use 360 days o year.) Required information Problem 9-1A Short-term notes payoble transactions and entries LO P1 [The following information applies to the questions displayed below] Iyrell Co, entered into the following transactions involving short-term liabilities. Year 1 Aor. 20 Purchased 539,000 of merchandise on credit froe locust, teres n/30. Pay 19 Replaced the April 20 account payable to Locust with a 90day,85,$35,000 note payable along with paying 54,000 in canh. July A Borrowed 557, 00e cash from nBR Bank by si gning a 120-day, 115, 557, 000 note payable. Pald the arount doun on the note to locust at the eaturity date. Paid the asount due on the note to labk Bank at the maturity date. hov. 28 forrowed $30,000 cash from Fargo Bank by signing a 60-day, 95, 530,000 note payable. oec. 31 flecorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 -7 Paid the asount due on the note to Fargo Bank at the waturity date. Problem 9-1A Part 4 4. Determine the interest expense recorded in Year 2 (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) Journal entry worksheet 2 Purchased $39,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Journal entry worksheet Replaced the April 20 account payable to Locust with a 90-day, 8%,$35,000 note payable along with paying $4,000 in cash. Note: Enter debits before credits. Journal entry worksheet 5678 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%,$57,000 note payable. Note: Enter debits before credits. Journal entry worksheet
