The January 1, 2016 trial balance for the Tyrell Company is found on the trial balance tab. The beginning balances are assumed. Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017

Prepare the journal entries related to notes and accounts payable.

The January 1, 2016 trial balance for the Tyrell Company is found on the trial balance tab. The beginning balances are assumed Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. (Use 360 days a year.) 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms are n/30. Tyrell uses the perpetual inventory system with paying $5,250 in cash. $80,000. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of Aug. 17 Paid the amount due on the note to Locust at the maturity date. Nov. 5 Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $42,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 Jan. 27 Paid the amount due on the note to Fargo Bank at the maturity date