Required information The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terns n/se. May 19 Raplaced the April 2e account payable to Locust with a 90-day, 8%, $35,08 note payable along with paying $1,000 in cash. July 8 Borrowed 569,00 cash from NBR Bank by signing a 120-day, 11%, 569,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 8%, $27,eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank, Year 2 Paid the amount due on the note to Fargo Bank at the maturity date 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) Principal Rate interest x Locust NBR Bank Fargo Bank X % % % X Required information The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $2,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,00 note payable. Paid the amount due on the note to Locust at the maturity date. ? Paid the amount due on the note to NBR Bank at the naturity date. Nov. 28 Borrowed $27,eee cash from Fargo Bank by signing a 60-day, 8%, $27,000 note payable Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculations. Use 360 days a year.) Year End Accrual Required for Fargo Bank Principal X Rate X Time interest Interest to be accrued in Yoar 1 x % X Required information The following information applies to the questions displayed below. Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased 536,000 of serchandise on credit from locust, terms n/30. May 19 Replaced the April 20 account payable to locust with 90-day, 8x, $35,000 note payable along with paying July 8 Barrowed $69,00 cash from NPR Bank by signing a 128-day, 11%, 569, eee note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov, 78 Borrowed $27.000 cash from Fargo Bank by signing a 60-day, 8%, $27,868 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 __ Paid the amount due on the note to Fargo Bank at the naturity date. 4. Determine the interest expense recorded in Year 2. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) Year End Accrual Request For Principal Rate Fargo Bank Time X Interest Inforest to be recorded in Year 2 Required information {The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/39. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,eee note payable along with paying $1,eve in cash. July 8 Borrowed $69,600 cash from NBR Bank by signing a 120-day, 11%, $69,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing 60-day, 8%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Date General Journal Debit Aug 17 Credit Record entry Clear entry View general journal Journal entry worksheet Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Date General Journal Nov 05 Debit Credit Record entry Clear entry View general journal Journal entry worksheet Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 8%, $27,000 note payable. Note: Enter debits before credits. Date General Journal Debit Credit Nov 28 Record entry Clear entry View general journal Journal entry worksheet > Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits Date General Journal Debit Credit Jan 27 Record entry Clear entry View general journal
