[The following information applies to the questions displayed below.]

Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015.

2014
Apr. 20	Purchased $36,500 of merchandise on credit from Locust, terms are 1/10, n/30. Tyrell uses the perpetual inventory system.
May 19	Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $1,500 in cash.
July 8	Borrowed $54,000 cash from National Bank by signing a 120-day, 11% interest-bearing note with a face value of $54,000.
__?__	Paid the amount due on the note to Locust at the maturity date.
__?__	Paid the amount due on the note to National Bank at the maturity date.
Nov. 28	Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $33,000.
Dec. 31	Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

2015

__?__

Paid the amount due on the note to Fargo Bank at the maturity date.

rev: 10_30_2015_QC_CS-31595

3.

value: 2.77 points

Required information

Required:
1.	Determine the maturity date for each of the three notes described.

References

eBook & Resources

WorksheetDifficulty: 3 HardLearning Objective: 09-P1 Prepare entries to account for short-term notes payable.

Check my work

4.

value: 2.77 points

Required information

2.	Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.)

References

eBook & Resources

Expanded tableDifficulty: 3 HardLearning Objective: 09-P1 Prepare entries to account for short-term notes payable.

Check my work

5.

value: 2.77 points

Required information

3.	Determine the interest expense to be recorded in the adjusting entry at the end of 2014. (Do not round your intermediate calculations. Round your final answer to nearest whole dollar. Use 360 days a year.)

References

eBook & Resources

Expanded tableDifficulty: 3 HardLearning Objective: 09-P1 Prepare entries to account for short-term notes payable.

Check my work

6.

value: 2.77 points

Required information

4.	Determine the interest expense to be recorded in 2015. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.)

References

eBook & Resources

Expanded tableDifficulty: 3 HardLearning Objective: 09-P1 Prepare entries to account for short-term notes payable.

Check my work

7.

value: 2.77 points

Required information

5.1	Prepare journal entries for all the preceding transactions and events for years 2014. (Do not round your intermediate calculations.)