Required information

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Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016

Apr.		20		Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.
May		19		Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $4,500 in cash.
July		8		Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000.
__?__				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 $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.
Dec.		31		Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

2017

__?__

Paid the amount due on the note to Fargo Bank at the maturity date.

5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.)

Journal entry worksheet

Transaction Index :

Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.

Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $4,500 in cash.

Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000.

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.

Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.

Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Note: Enter debits before credits.

Date

General Journal

Debit

Credit

Apr 20, 2016

Note: Enter debits before credits.

0

Date

General Journal

Debit

Credit

May 19, 2016

Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000.

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.

Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.

Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Note: Enter debits before credits.

Date

General Journal

Debit

Credit

Jul 08, 2016

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.

Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.

Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Note: Enter debits before credits.

Date

General Journal

Debit

Credit

Aug 17, 2016

Paid the amount due on the note to NBR Bank at the maturity date.

Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.

Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Note: Enter debits before credits.

0

Date

General Journal

Debit

Credit

Nov 05, 2016

Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.

Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Note: Enter debits before credits.

0

Date

General Journal

Debit

Credit

Nov 28, 2016

Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Note: Enter debits before credits.

0

Date

General Journal

Debit

Credit

Dec 31, 2016