This for reference only (to show all items)

This for reference only

This for reference only

Problem 9-1A Short-term notes payable transactions and entries LO P1 ITne following informaton apples to the questions displayed below.J Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015. 204 Apr 20 Purchased $35,500 of merchandise on credit from Locust, terms are 110, 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 9% annual interest along with paying $500 in cash. July 8 Borrowed $69.000 cash from National Bank by signing a 120-day, 11% interest-bearing note with a face value of $69 000. 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 $24.000 cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face value of $24,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Paid the amount due on the note to Fargo Bank at the maturity date. References