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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
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 $36,000 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 $1,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11\%, $69,000 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 $30,000 cash from Fargo Bank by signing a 60-day, 6%,$30,000 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. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations
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