The January 1, Year 1 trial balance for the Tyrell Company is found on the trial...

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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. Note: 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. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Payables Interest Year 2 payment Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 April 20. Purchased $40,250 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date April 20 Account Title Debit Credit > 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. Note: 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. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Payables Interest Year 2 payment Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 April 20. Purchased $40,250 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date April 20 Account Title Debit Credit >

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April 20 Debit Accounts PayableLocust 40250 Credit Mer... View the full answer