Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 108, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 98, $80,000 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. November 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 88, $42,000 note payable. December 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. Prepare journal entries for all the preceding transactions and events. Journal entry worksheet < 2 3 5 6 7 8 > Purchased $40,250 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit April 20 Merchandise inventory 40,250 Accounts payable-Locust 40,250 Journal entry worksheet < 1 2, 3 5 6 7 8 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. Note: Enter debits before credits. Date May 19 General Journal Debit Credit Accounts payable-Locust Notes payable-Locust Cash > Journal entry worksheet < 1 2 3 4 5 6 7 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable. Note: Enter debits before credits. Date July 08 Cash Notes payable-NBR Bank General Journal Debit Credit 80,000 80,000 Journal entry worksheet > 1 2 3 4 5 6 7 Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. 8 Date August 17 General Journal Debit Credit Notes payable-Locust 35,000 Interest expense Cash > Journal entry worksheet < 1 2 3 4 5 6 7 8 > Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit November 05 Notes payable-NBR Bank 80,000 Interest expense Cash Journal entry worksheet < 2 5 7 8 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable. Note: Enter debits before credits. Date November 28 Cash Notes payable-Fargo Bank General Journal Debit Credit 42,000 42,000 1 2 3 5 6 7 8 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Interest expense Interest payable > Journal entry worksheet < 2 3 5 6 7 8 Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit January 27 Notes payable-Fargo Bank 42,000 Interest payable Interest expense Cash