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 $37,500 of werchandise on credit from Locust, terms n/30. Kay 19 Replaced the April 20 account payable to Locust with a 90 -day, 78, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 122, $63,000 note payable. - Paid the amount due on the note to Locust at the maturity date. November 28 Paid the amount due on the note to NBR Bank at the maturity date. December 31 Recrowed $27,000 cash from Fargo Bank by Bigning a 60-day, 71, $27,000 note payable. Year 2 - 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. Year 1 April 20 Purchased $37,500 of merchand ne on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 71, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $63,000 eash from NBR Bank by signing a 120-day, 128, $63,000 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 $27,000 cash from Fargo Bank by Bigning a 60-day, 71, $27,000 note payahle. 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. 2. Determine the interest dus at maturity for each of the three notes. (Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.) Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following trarsactions involving short-term liabilities. Year 1 Apri1 20 Purchased $37,500 of merchandise on oredit from Locust, terms n/30. May 19 Replaced the Apri1 20 account payable to Locust with a 90 -day, 76, $35,000 note payable along with paying $2,500 in eash. July 8 Borrowed $63,000 eash from Nan Bank by aigning a 120-day, 121, $63,000 note payable. -? Paid the amount due on the note to Locunt at the maturity date. November 28 Borrowed $27,000 cash trom Yargo Aank by aigning a 60 -day, 75,$27,000 note payable. Decenber 31 Recorded an adjusting ontry tor acerued interest on the note to Fargo Dank. Year 2 - 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 f 1 found intermediate calculations anc round your final answer to nearest whole dollar, Use 360 days a year.) Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,500 of marcaandiae on credit from Locust, terms n/30. May 19 Replaced the Apri1 20 account payable to Locust with a 90-day, 7e, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 128, $63,000 note payable. ? ? - Paid the amount due on the note to Locust at the maturity date. 2 - Paid the amount due on the note to NBr Bank at the maturity date. Sovember 28 Borrowed $27,000 canh fran Fargo Bank by signing a 60-day, 71, $27,000 note payable. December 31 Recorded an adjusting entiy for acerued 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 calculat is and round your final answers to nearest whole dollar. Use 360 days a year.) nearest whole dollar. Use 360 days a year.)
