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Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $39,500 of merchandise on credit from Locust,
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017
Apr. | 20 | Purchased $39,500 of merchandise on credit from Locust, terms 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 $4,500 in cash. | ||
July | 8 | Borrowed $60,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value 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 $21,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $21,000. | ||
Dec. | 31 | Recorded an adjusting entry for accrued interest on the note to Fargo Bank. |
2018
__?__ | 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.)
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