Required information rt 2 of 5 [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. nts 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, 8%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12%, $57,000 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 $27,000 cash from Fargo Bank by signing a 60-day, 7%, $27,000 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. 2. Determine the interest due at maturity for each of the three notes. (Do not round yo intermediate calculations. Use 360 days a year.) Answer is complete but not entirely correct. Locust NBR Bank Fargo Bank Principal $ 35,000 $ 57,000 $ 24,000 X X X x Rate 9 11% 8 X 8 x % % % X X X Time 90/360 120/360 60/360 = = = = Interest $ 788 X $ 2,090 X $ 320 Check my Work Required information Part 3 of 5 [The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities. 2.5 noints eBook 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, 8%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12%, $57,000 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 $27,000 cash from Fargo Bank by signing a 60-day, 7%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Print References Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 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 a year.) Year End Accrual Required For: Principal x Rate Fargo Bank Time % x = Interest Interest to be accrued in Year 1 1 Check my work Required information [The following information applies to the questions displayed below.) Part 4 of 5 Tyrell Co. entered into the following transactions involving short-term liabilities. 2.5 Dints eBook 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, 8%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12%, $57,000 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 $27,000 cash from Fargo Bank by signing a 60-day, 7%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Print References Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 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.) Year end accrual required for: Principal X Rate Fargo Bank Time % x = Interest Interest to be recorded in Year 2 Check my work Required information (The following information applies to the questions displayed below.] art 5 of 5 Tyrell Co. entered into the following transactions involving short-term liabilities ints eBook 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, 8%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12%, $57,000 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 $27,000 cash from Fargo Bank by signing a 60-day, 7%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Print References Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Record the sales revenue of 70 razors for $5,600 cash. Note: Enter debits before credits. CHICC W WUI Required information [The following information applies to the questions displayed below.) t 2 of 3 eBook On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $14 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 razors for $5,600 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $16,800 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 140 razors for $11,200 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Print ferences 4. What is the balance of the Estimated Warranty Liability account as of December 31? Estimated warranty liability balance Check my wo Required information rt 3 of 3 The following information applies to the questions displayed below.] UT nts eBook On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $14 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 razors for $5,600 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $16,800 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 140 razors for $11,200 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Print eferences 5. What is the balance of the Estimated Warranty Liability account as of January 31? Estimated warranty liability balance