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Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 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 $38,000 of merchandise on credit from Locust, terms n/30. |
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May 19 | Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,000 in cash. |
July 8 | Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12%, $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 $30,000 cash from Fargo Bank by signing a 60-day, 7%, $30,000 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. |
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