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Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $37,000 of merchandise on credit from Locust,
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. Tyrel1 uses the perpetual inventory system May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying $2,000 in cash July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $54,000 ?)-- 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 $21,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2017 $21,000 Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A Part 1 Required 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date
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