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Tyrell Co entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May
Tyrell Co entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to locust with a 90-day, 10%, 535,000 note payable along with payine July 8 Borrowed $80,000 cash fron NBR Bank by signing a 120-day, 9%, $80,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NOR Dank at the maturity date. Nov. 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable. Dec. 31 Recorded an adjusting entry for accrued Interest on the note to Fargo Bank. Year 2 __ Pada the amount due on the note to Faro Bank at the maturity date. CD 2. Determine the interest due ot maturity for each of the three notes. (Do not round your intermediate calculations. Une 360 days o year) Principal * Rate Time interest Locust NBR Bank Fargo Bank X 9:x 9 X
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