The January 1, Year 1 trial balance for the Tyrell Company is found on the trial balance tab. The beginning balances are assumed. Tyrell Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1

April 20	Purchased $40,250 of merchandise on credit from Locust, terms n/30.
May 19	Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash.
July 8	Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable.
August 17	Paid the amount due on the note to Locust at the maturity date.
November 5	Paid the amount due on the note to NBR Bank at the maturity date.
November 28	Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable.
December 31	Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Year 2

January 27	Paid the amount due on the note to Fargo Bank at the maturity date.

General Journal tab - Journalize the transactions related to the notes and accounts payable of Tyrell Co. The General Ledger, Trial Balance and Schedule of Payables will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest expense agrees with the trial balance. Year 2 payment tab - Prepare the January 27, Year 2 entry to record the repayment of the note at maturity.