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? 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

? 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying. $5,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 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 $33,000 cash from Fargo Bank by signing a 60-day, 8%, $33,000 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 matur the maturity date.
Transcribed Image Text: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, 9%, $35,000 note payable along with paying. $5,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 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 $33,000 cash from Fargo Bank by signing a 60-day, 8%, $33,000 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 matur the maturity date.
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
Transcribed Image Text: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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