Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,500 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 $3,500 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $24,000 cash from Fargo Bank by signing a 60-day, 7%, $24,000 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. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations.
Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,500 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 $3,500 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $24,000 cash from Fargo Bank by signing a 60-day, 7%, $24,000 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. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $38,500 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 $3,500 in cash.
July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $24,000 cash from Fargo Bank by signing a 60-day, 7%, $24,000 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.
5. Prepare journal entries for all the preceding transactions and events.
Note: Do not round your intermediate calculations.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb5de8ea-6239-46a6-9749-88f9d32b9af4%2F60ff3d3a-239e-4957-9512-1ee64964dc69%2Frcsreu6_processed.png&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 $38,500 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 $3,500 in cash.
July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69,000 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 $24,000 cash from Fargo Bank by signing a 60-day, 7%, $24,000 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.
5. Prepare journal entries for all the preceding transactions and events.
Note: Do not round your intermediate calculations.
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