Tyrell Company entered into the following transactions involving short-term llabilities. 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 $63,000 cash from Nar Bank by signing a 120 -day, 128,$63,000 note payable. ? - Paid the amount due on the note to Locust at the maturity date. Fald the amount due on the note to NBR Bank at the maturity date. November 26 Borrowed $21,000 cash from Fargo Bank by signing a 60 -day, 93,$21,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 - Paid the anount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense recorded in Year 2. Note: Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 Apr11 20 Purchased 540,000 of merchandise on eredit froe Loeust, terms n/30. May 19 Replaced the Aprit 20 account payable to Locust with a 90 -day, 88, $35,000 note payable along with paying $5,000 in cash. July 8 Borrowed $63,000cash from kap Bank by signing a 120 -day, 121,$63,000 note payable. ? - Paid the amount due on the note to focust at the maturity date. paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $21,000 can from Fargo Bank by 3igning a 60 -day, 96,$21,000 note payable. December 31 Recorded an adjusting entry for accrued Interest on the note to Fargo Bank. Year 2 Paid the anount due on the note to Forgo Dank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described. Tyrell Company entered into the following transactions involving short-term llablities. Year 1 April 20 Purchased $40,000 of merchandise on eredit 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 Borroved $63,000 cash from NBr Bank by signing a 120 -day, 121, $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 Nar Bank at the maturity date. November 28 Borrowed $21,000 cash from Pargo Bank by signing-a 60-day, 98,$21,000 note payable, December 31 Recorded an adjusting entry for accrued interest on the note to Pargo Bank. Year 2 - ? Paid the amount due on the note to rargo Bank at the maturity date. 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year. 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 $63,000 cash from kaR Bank by signing a 120 -day, 121,$63,000 note payable. - Pald the amount due on the note to tocust at the maturity date. ? - Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $21,000 canh from Fargo Bank by tfgning a 60 -day, 94,$21,000 note payable. December 31 fecorded an adjuating entry for accrued interest on the note to Fargo Bank. Year 2 ? Paid the amount due on the note to Pargo Bank at the maturity date. 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. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 Apri1 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, 87, $35,000 note payable along with poying $5,000 in cash. July 8 Borrowed $63,000 cash from NBR. Bank by signing a 120-day, 121, $63,000 note payable. - Paid the anount 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 $21,000 cash from Fargo Bank by signing a 60 -day, 98,$21,000 note payable. December 31 Recorded an adjusting entry for acorued interest on the note to Pargo Bank. Year 2 -2 Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermedlate calculations
