Tyrell Co. entered into the following transactions involving short term liabilities in 2016 and 2017

Required information The following information applies to the questions displayed belowj Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $36,000 of merchandise on eredit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 78 annual July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value inventory system. interest along with paying $1,000 in cash. of $60,000. ?-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, 6 interest-bearing note vith a tace value Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 Paid the amount due on the note to Fargo Bank at the maturity date. of $27,000. quired: etermine the maturity date for each of the three notes described. NBR Bank Fargo Bank Locust aturity date ?-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 you year.) Time Interest Principal x Rate Locust NBR Bank Fargo Bank uu Ull Che note to Locust at the maturity date Paid the amount due on the note to NBR Bank at the maturity de o cash from Fargo Bank by signing a 60-day, 6% Dec. 31 Recorded an adjusting entry for accrued interest on the note t Nov.-28 Borrowed of $27,000. $27,00 2017 Paid the amount due on the note to Fargo Bank at the maturity 3. Determine the interest expense to be recorded in the adjusting entry at the end ot calculations. Use 360 days a year) Fargo Bank Year end accrual required for: Interest X Time Principal x Rate Interest to be accrued in 2016 8 9 10 of 14 4. Determine the interest expense to be recorded in 2017. (Do not round intermediate calculations and nearest whole dollar. Use 360 days a year.) Year end accrual required for: Fargo Bank Principal x Rate Time Interest Interest to be recorded in 2017 9 10 l of 14 Next A Prev ullt uuu H th note to Fargo Bank at the maturity date. Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your in iew transaction list Journal entry worksheet 2 3 4 5 6 Purchased $36,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. Note: Enter debits before credits. Credit Dobit General Journal Date Apr 20, 2016 View general journal Clear entry Record entry Next>