Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] 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 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 $69,000 cash from NBR Bank by signing a 120-day, 12%, $69,000 note payable. 7 Paid the amount due on the note to Locust at the maturity date. note to NBR Bank at the maturity date. Paid the amount due on the November 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] 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 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 $69,000 cash from NBR Bank by signing a 120-day, 12%, $69,000 note payable. 7 Paid the amount due on the note to Locust at the maturity date. note to NBR Bank at the maturity date. Paid the amount due on the November 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please Make All Relevant
![Required information
Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1
[The following information applies to the questions displayed below]
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 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 $69,000 cash from NBR Bank by signing a 120-day, 12%, $69,000 note payable.
Paid the amount due on the note to Locust at the maturity date.
7Paid 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, 6%, $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.
Problem 11-1A (Algo) Part 5
5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.)
View transaction list](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4859ce2f-7d60-4fa0-a032-455816a373b3%2F15f3d82c-ff15-4685-bad6-92e199715eda%2F46rsih9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1
[The following information applies to the questions displayed below]
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 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 $69,000 cash from NBR Bank by signing a 120-day, 12%, $69,000 note payable.
Paid the amount due on the note to Locust at the maturity date.
7Paid 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, 6%, $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.
Problem 11-1A (Algo) Part 5
5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.)
View transaction list
Transcribed Image Text:View transaction list
Journal entry worksheet
1
2
3
4 5 6 7 8
Purchased $38,000 of merchandise on credit from Locust, terms n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
April 20
Record entry
Clear entry
Credit
View general journal
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