Question
Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015. 2014 Apr. 20 Purchased $37,500 of merchandise on credit from Locust,
Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015.
2014 Apr. 20 Purchased $37,500 of merchandise on credit from Locust, terms are 1/10, 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 7% annual interest along with paying $2,500 in cash.
July 8 Borrowed $54,000 cash from National Bank by signing a 120-day, 11% 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 National Bank at the maturity date.
Nov. 28 Borrowed $21,000 cash from Fargo Bank by signing a 60-day, 6% 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.
2015 __?__ Paid the amount due on the note to Fargo Bank at the maturity date.
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