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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. May
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, 88, \$35,000 note payable along with paying $5,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 1028,$57,000 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 $27,000 cash from Fargo Bank by signing a 60-day, 98,$27,000 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. 2. Determine the interest due at maturity for each of the three notes. Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year. \begin{tabular}{|l|r|l|l|l|l|l|l|l|} \hline Year End Accrual Required For: & \multicolumn{4}{|c|}{ Fargo Bank } \\ \hline & Principal & & Rate & & Time & = & Interest \\ \hline Interest to be recorded in Year 2 & & & & % & & & = & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|l|l|} \hline Year End Accrual Required For: & \multicolumn{7}{|c|}{ Fargo Bank } \\ \hline & Principal & & Rate & & Time & = & Interest \\ \hline Interest to be accrued in Year 1 & & & & % & & & = & \\ \hline \end{tabular} Journal entry worksheet 5678 Purchased $40,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits
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