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Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,000 of merchandise on credit from Locust, terms n/30,
Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,000 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 $5,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 10%, $66,000 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, November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 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: 1. Determine the maturity date for each of the three notes described. Maturity date Locust NBR Bank: Fargo Bank
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