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 July ? 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $2,000 in cash. 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 12%, $66,000 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 $33,000 cash from Fargo Bank by signing a 60-day, 7%, $33,000 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 your intermediate calculations. Use 360 days a year.) Answer is complete but not entirely correct. Principal Rate Locust $ 35,000 80 % Time 90/360 Interest = $ 700 NBR Bank $ 66,000 12 % 120/360 = $ 2,614 Fargo Bank $ 33,000 X 7 % X 60/360 = $ 370 ! 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, 8%, $35,000 note payable along with paying $2,000 in cash. July ? 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 12%, $66,000 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 $33,000 cash from Fargo Bank by signing a 60-day, 7%, $33,000 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. 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: Fargo Bank Principal x Rate Time Interest Interest to be accrued in Year 1 $ 33,000 x 7% X 27/360 = $ 173 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, 8%, $35,000 note payable along with paying $2,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 12%, $66,000 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 $33,000 cash from Fargo Bank by signing a 60-day, 7%, $33,000 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 x Time Interest Interest to be recorded in Year 2 % x Journal entry worksheet > 1 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 Apr 20 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 4 5 6 7 8 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $2,000 in cash. Note: Enter debits before credits. Date May 19 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 4 5 6 7 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 12%, $66,000 note payable. Note: Enter debits before credits. Date Jul 08 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 > Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Date Aug 17 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 00 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1234567 00 Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits. Date Jan 27 General Journal Debit Credit Record entry Clear entry View general journal