Question
tabs: 2. Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $500 in cash.
tabs:
2. Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $500 in cash.
3. Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $54,000.
4. Paid the amount due on the note to Locust at the maturity date.
5. Paid the amount due on the note to NBR Bank at the maturity date.
6. Borrowed $21,000 cash from Fargo Bank by signing a 60-day, 9% interest-bearing note with a face value of $21,000.
7. Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 28 Purchased $35,580 of merchandise on credit from Locust, terms n/38. Tyrell uses the perpetual inventory May 19 Replaced the April 20 account payable to Locust with a 96-day, $35, eee note bearing 7% annual interest July 8 Borrowed $54,eee cash from NBR Bank by signing a 128-day, 1e% interest-bearing note with a face value of system along with paying $588 in cash. $54,80 ?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 $21,000 cash from Fargo Bank by signing a 60-day, 9% interest-bearing note with a face value of $21,8e. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2018 ? Paid the amount due on the note to Fargo Bank at the maturity date. the -- Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity dateStep by Step Solution
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