Required information[The following information applies to the questions displayed below.]Tyrell Company entered into the following transactions involvingshort-term liabilities.Year 1April 20Purchased $39,500 of merchandise on credit fromLocust, terms n/30.May 19 Replaced the April 20 account payable to Locustwith a 90-day, 8%, $35,000 note payable along withpaying $4,500 in cash.July 8Borrowed $63,000 cash from NBR Bank by signing a120-day, 12%, $63,000 note payable.Paid the amount due on the note to Locust at the_?- maturity date.?November 28December 31Paid the amount due on the note to NBR Bank at thematurity date.Borrowed $24,000 cash from Fargo Bank by signing a60-day, 7%, $24,000 note payable.Recorded an adjusting entry for accrued intereston the note to Fargo Bank.Year 2_ ? Paid the amount due on the note to Fargo Bank at thematurity date.5. Prepare journal entries for all the preceding transactions and events.Note: Do not round your intermediate calculations.View transaction listJournal entry worksheet<12345678Purchased $39,500 of merchandise on credit from Locust, terms n/30.

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 $39,500 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 $4,500 in cash. July 8 November 28 December 31 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 12%, $63,000 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. Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 7%, $24,000 note payable. 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. pore journal entries for all the preceding transactions and events.

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 $39,500 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 $4,500 in cash. July 8 November 28 December 31 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 12%, $63,000 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. Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 7%, $24,000 note payable. 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. pore journal entries for all the preceding transactions and events.

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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of 5 Ok nces 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 $35,000 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 $0 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 11%, $54,000 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, 8%, $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. 2. Determine the interest due at maturity for each of the three notes. Note: Do not round intermediate…
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Required information Skip to question [The following information applies to the questions displayed below.] The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: Received $43,000 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. Received $118,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent. Paid $72,000 cash for other operating expenses during the year. Paid the sales tax due on $98,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2: Paid the balance of the sales tax due for Year 1. Received $143,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7…