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Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $38,000 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 $38,000 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 $3,000 in cash. | ||
July | 8 | Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10% 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 $30,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $30,000. | ||
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. |
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