The January 1, 2014 trial balance for the Tyrell Company is found on the trial balance tab. The beginning balances are assumed. Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015.
2014 Apr. 20 Purchased $40,250 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 10% annual interest along with paying $5,250 in cash.
July 8 Borrowed $80,000 cash from National Bank by signing a 120-day, 9% interest-bearing note with a face value of $80,000.
Aug. 17 Paid the amount due on the note to Locust at the maturity date.
Nov. 5 Paid the amount due on the note to National Bank at the maturity date.
Nov. 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $42,000.
Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
2015 Jan. 27 Paid the amount due on the note to Fargo Bank at the maturity date.
(Use 360 Days a Year)

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liabilities 60000 Henry capital 80000 Isaac capital 110000 Jacobs capital 140000 Total 390000 90000 cash Noncash assets 300000 Total 390000