Required information [The following information applies to the questions displayed below.) Tyrell Co, entered into the following transactions involving short-term liabilities Year 1 25 Apr. 20 Purchased $40,000 of nerchandise on credit from Locust, terms 1/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 81, $35,000 note payable along with paying $5,000 in cash. July 8 Borrowed $57,000 cash from NDR Bank by signing a 120-day, 111, $57,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid amount ve on the NSR Bank at the maturity date. Nov. 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 9, $33,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Vaid the anount due on the note to Fargo Bank at the naturity date. Required: 1. Determine the maturity date for each of the three notes described Locust NBR Bank Fargo Bank Prey 1 2 3 5 of 5 !! Next > Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date apr. av rucunaseu 40, UUU UL menangise on cout Icom wcut, terms/U. May 19 Replaced the April 20 account payable to Locust with a 90-day, 80, $35,000 note pay paying $5,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11, $57,000 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, 9, $33,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 5 Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 2:50.00 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculatie year.) Book Print # ferences Locust NBR Bank Fargo Bank Principal X Rate $ 35,000 8 % X $ 57.000 x 11% X $ 27,000 6% X Time 90/360 120/360 60/360 Interest $ 700 $ 2,090 $ 270 [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 $40,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 88, $35,000 note payable along with paying $5,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 118, $57,000 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, 98, $33,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Pargo Bank. Year 2 _?_ Paid the amount due on the note to Pargo 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 calculation Use 360 days a year.) Year End Accrual Required For: Fargo Bank Principal X Rate Time $ 27,000 6% X 33/360 Interest to be accrued in Year 1 Interest S 149 Year 1 Apr. 20 Purchased $40,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, B1, $35,000 note payable along paying $5,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 118, $57,000 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, 91, $33,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _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 nearest whole dollar. Use 360 days a year.) Year End Accrual Required for: Fargo Bank Principal * Rate Timo $ 27,000 61% 27/360 Interest to be recorded in Year 2 Interest $ 122 saved Required information View transaction list View journal entry worksheet Na Debit Credit Date Apr 20 1 General Journal Merchandise inventory Accounts payablo-Locust 40,000 40,000 -20 2 May 19 40,000 Accounts payablo-Locust Cash Notes payable ---Locust 5,000 35,000 3 Jul 08 57.000 Cash Noten payable-NBR Bank inces 57,000 4 Aug 17 Notes payable--Locust Interest expense Cash 35,000 700 35,700 Nov 05 Notes payable-NBR Bank Interest expense Cash 57.000 2,090 50.000 TW