Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1

Apr.		20		Purchased $39,000 of merchandise on credit from Locust, terms n/30.
May		19		Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $4,000 in cash.
July		8		Borrowed $63,000 cash from NBR Bank by signing a 120-day, 10%, $63,000 note payable.
__?__				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, 8%, $30,000 note payable.
Dec.		31		Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Year 2

__?__

Paid the amount due on the note to Fargo Bank at the maturity date.

Required: 1a. Determine the maturity date for each of the three notes described.

	Locust	NBR Bank	Fargo Bank
Maturity date

1b. 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		x		%	x		=
nbr bank		x		%	x		=
Fargo bank		x		%	x		=

1c. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculations. Use 360 days a year.)

Year end accrual required for: Fargo Bank

	principal	x	rate		x	time	=	interest
interest to be accrued in yr 1		x		%	x		=

1d. Determine the interest expense recorded in Year 2. (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

	principal	x	rate		x	time	=	interest
interest to be accrued in yr 1		x		%	x		=

1e. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.)

Purchased $39,000 of merchandise on credit from Locust, terms n/30. Replaced the April 20 account payable to Locust with a 90 day, 8%, $35,000 note payable along with paying $4,000 in cash. Borrowed $63,000 cash from nor bank by signing a 120 day, 10%, $63,000 note payable. Paid the amount due on the note to locust at the maturity rate. Paid the amount due on the note to nor bank at the maturity date. Borrowed $30,000 cash from Fargo bank by signing a 60 day, 8%, $30,000 note payable. Recorded an adjusting entry for accrued interest on the note to Fargo bank. Paid the amount due on the note to Fargo bank at the maturity date.

Date	General Journal	Debit	Credit
Apr 20
May 19
Jul 08
Aug 17
Nov 05
Nov 28
Dec 31
Jan 27