Required informationProblem 9-1A (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 1April 20 Purchased $38,000 of merchandise on credit from Locunt, terma n/3D.Kay 19 Replaced the Apri1 20 account payable to Locust with a 90-day, 8, $35,000 note payable alongwith paying $3,000 in canh.July 8 Borrowed $60,000 canh from KBR Bank by signing a 120-day, 10, 560, 000 note payable.Paid the amount due on the note to Locunt at the maturity date.Paid the amount due on the note to NBR Bank at the maturity date.Noveaber 28 Borroved $33,000 caah from Pargo Bank by signing a 60-day, 7, $33,00o note payable.Decenber 31 Recorded an adjunting entry for accrued interest on the note to Targo Bank.Year 2Paid the anount due on the note to Pargo Bank at the naturity date.Problem 9-1A (Algo) Part 44. Determine the interest expense recorded in Year 2. (Do not round intermediate calculations and round your final answers tonearest whole dollar. Use 360 days a year.)Year End Accrual Required For:Fargo BankPrincipalRateTimeInterestInterest to be recorded in Year 2

Interest Expense - Interest Expense is the amount to be paid on the amount borrowed. The borrowed…

Required information Problem 9-1A (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 merchandine on credit from Locunt, terma n/3D. May 19 Replaced the Apri1 20 account payable to Locust vith a 90-day, 8, $35,000 note payable along with paying $3,000 in canh. July 8 horrowed $60,000 canh trom HBR Bank by aigning a 120-day, 10, $60,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the anount due on the note to NBR Bank at the naturity date. Novenber 28 Borroved $33, 000 cash from Targo Bank by signing a 60-day, 7, $33,000 note payable. Decenber 31 Recorded an adjunting entry for accrued intereat on the note to Targo hank. Year 2 Paid the anount due on the note to Pargo Bank at the naturity date.

Required information Problem 9-1A (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 merchandine on credit from Locunt, terma n/3D. May 19 Replaced the Apri1 20 account payable to Locust vith a 90-day, 8, $35,000 note payable along with paying $3,000 in canh. July 8 horrowed $60,000 canh trom HBR Bank by aigning a 120-day, 10, $60,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the anount due on the note to NBR Bank at the naturity date. Novenber 28 Borroved $33, 000 cash from Targo Bank by signing a 60-day, 7, $33,000 note payable. Decenber 31 Recorded an adjunting entry for accrued intereat on the note to Targo hank. Year 2 Paid the anount due on the note to Pargo Bank at the naturity date.

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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