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. |
Required information [The following information applies to the questions displayed below.) 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. Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date Required information (The following information applies to the questions displayed below.] 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 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. 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) Principal X Rate x Time = Interest Locust NBR Bank Fargo Bank Required information [The following information applies to the questions displayed below.] 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. 4. Determine the interest expense to be recorded in 2018. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) Year end accrual required for: Fargo Bank x Time Principal X Rate - Interest Interest to be recorded in 2018 5.1 Prepare journal entries for all the preceding transactions and events for 2017. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet 2 3 4 5 6 7 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. Note: Enter debits before credits. General Journal Debit Credit Date Apr 20, 2017 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 4 5 6 7 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. Note: Enter debits before credits. General Journal Debit Credit Date May 19, 2017 Record entry Clear entry View general journal 5.1 Prepare journal entries for all the preceding transactions and events for 2017. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet
