Required information [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 $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, 8%, $35,000 note payable along with paying $5,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 12%, $66,000 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 $27,000 cash from Fargo Bank by signing a 60-day, 7%, $27,000 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. Required: 1. Determine the maturity date for each of the three notes described. Maturity date Answer is complete but not entirely correct. NBR Bank Locust May 19, Year 1 July 8, Year 11 Fargo Bank November 28, Year

Required information [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 $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, 8%, $35,000 note payable along with paying $5,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 12%, $66,000 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 $27,000 cash from Fargo Bank by signing a 60-day, 7%, $27,000 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. Required: 1. Determine the maturity date for each of the three notes described. Maturity date Answer is complete but not entirely correct. NBR Bank Locust May 19, Year 1 July 8, Year 11 Fargo Bank November 28, Year

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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