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 $36,000 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 $1,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%, $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, 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. NBR Bank Fargo Bank Locust Maturity date
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 $36,000 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 $1,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%, $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, 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. NBR Bank Fargo Bank Locust Maturity date
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 4
![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 $36,000 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 $1,000 in cash.
July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%, $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, 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.
NBR Bank
Fargo Bank
Locust
Maturity date](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F950ccb0b-88f0-424e-a789-46ed3bd2a086%2Fd21af98a-b3f0-4fa5-8f01-99d7fdcac278%2Frybpylk_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $36,000 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 $1,000 in cash.
July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%, $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, 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.
NBR Bank
Fargo Bank
Locust
Maturity date
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