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Required information [ The following information applies to the questions displayed below. ] Tyrell Company entered into the following transactions involving short - term liabilities.
Required information
The following information applies to the questions displayed below.
Tyrell Company entered into the following transactions involving shortterm liabilities.
Year
April Purchased $ of merchandise on credit from Locust, terms
May Replaced the April account payable to Locust with a day, $ note payable along
with paying $ in cash.
July Borrowed $ cash from NBR Bank by signing a day, $ 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.
November Borrowed $ cash from Fargo Bank by signing a day, $ note payable.
December Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Year
Paid the amount due on the note to Fargo Bank at the maturity date.
Determine the interest due at maturity for each of the three notes.
Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use days a year.
Answer is complete but not entirely correct.
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