! Required information [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 $37,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying $2,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 12%, $54,000 note payable. 2 Paid the amount due on the note to Locust at the maturity date. L? Paid the amount due on the note to NBR Bank at the naturity date. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 65, $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. Required: 1. Determine the maturity date for each of the three notes described Locust NBR Bank Fargo Bank Maturity date 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. year.) Principal X Rate Time Interest X % X Locust NBR Bank Fargo Bank XXX % X Tyrell Co. entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $37,000 of merchandise on credit fron Locust, terms n/30 May 19 Replaced the April 20 account payable to Locust with a 90 day, 7%, $35,000 note payable along with paying $2,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 12%, $54,000 note payable. 2 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, 6%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2 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 calcul Use 360 days a year.) Year End Accrual Required for. Fargo Bank Principal X Rate X Time Interest Interest to be accrued in Year 1 X Tyrell Co. entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $37,000 of merchandise on credit fron Locust, terns 1730. May 19 Replaced the April 20 account payable to Locust with 90-day, 7%, $35,000 note payable along with paying $2,000 in cash July 8 Borrowed $54,800 cash from NBR Bank by signing a 120-day, 12%, $54,000 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 saturity date. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing 60-day, 6%, $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. 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: Fargo Bank Principal X Rate Time Interest Interest to be recorded in Year 2 % Journal entry worksheet 2 3 4 5 6 7 8 Purchased $37,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 20 Record entry Clear entry View general journal Journal entry worksheet
