Required information The following information applies to the questions displayed below.j Part 1 of 5 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face points inventory system. interest along with paying $3,000 in cash. 02:25:49 value of $66,000. 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 $24,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 value of $24,000 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 Required information [The following information applies to the questions displayed below] Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face inventory system. interest along with paying $3,000 in cash. value of $66,000 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 $24,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 value of $24,000 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.) Principal Rate x Time = Interest Locust NBR Bank Fargo Bank Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face inventory system. interest along with paying $3,000 in cash. value of $66,000. 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 $24,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 value of $24,000. Paid the amount due on the note to Fargo Bank at the maturity date. 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round your intermediate calculations. Use 360 days a year.) ear e nd accrual required for: Fargo Bank Principal x Rate x TimeInterest Interest to be accrued in 2016 Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face inventory system. interest along with paying $3,000 in cash value of $66,000. 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 $24,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 value of $24,000 Paid the amount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense to be recorded in 2017. (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 PrincipalxRate X lime Interest Interest to be recorded in 2017 Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face inventory system. interest along with paying $3,000 in cash. value of $66,000. 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 $24,000 cash from Fargo Bank by signing a 60-day, 8 interest-bearing note with a face Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2017 value of $24,000. 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.) View transaction list Journal entry worksheet 4 Purchased $38,000 of merchandise on credit from Locust, terms n/30 Tyrell uses the perpetual inventory system Note: Enter debits before credits Date General Journal Debit Credit Apr 20, 2016 Record entry Clear entry View general journal Journal entry worksheet 2 4 6 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $3,000 in cash. Note: Enter debits before credits Date General Journal Debit Credit May 19, 2016 Record entry Clear entry View general journal Journal entry worksheet 2 4 6 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $66,000. Note: Enter debits before credits. Date General Journal Debit Credit Jul 08, 2016 Record entry Clear entry View general journal Journal entry worksheet 2 4 6 Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit Aug 17, 2016 Record entry Clear entry View general journal Journal entry worksheet 2 4 6 7 Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05, 2016 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 6 7 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 890 interest- bearing note with a face value of $24,000. Note: Enter debits before credits Date General Journal Debit Credit Nov 28, 2016 Record entry Clear entry View general journal Journal entry worksheet 2 4 6 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 2016 Record entry Clear entry View general journal