Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $35,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable July 8 _?___ with paying $500 in cash. Borrowed $51,000 cash from NBR Bank by signing a 120-day, 10 %, $51,000 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 $33,000 cash from Fargo Bank by signing a 60-day, 9%, $33,000 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.
Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $35,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable July 8 _?___ with paying $500 in cash. Borrowed $51,000 cash from NBR Bank by signing a 120-day, 10 %, $51,000 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 $33,000 cash from Fargo Bank by signing a 60-day, 9%, $33,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
j
![No
1
2
Problem 9-1A (Algo) Part 5
5. Prepare journal entries for all the preceding transactions and events.
Note: Do not round your intermediate calculations.
3
4
6
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
7
April 20 Purchased $35,500 of merchandise on credit from Locust, terms n/30.
May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along
with paying $500 in cash.
July 8 Borrowed $51,000 cash from NBR Bank by signing a 120-day, 10%, $51,000 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 $33,000 cash from Fargo Bank by signing a 60-day, 9%, $33,000 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.
Date
April 20
May 19
July 08
August 17
November 28
December 31
X Answer is not complete.
Merchandise inventory
Accounts payable-Locust
General Journal
Accounts payable-Locust
Cash
Interest expense
Cash
Notes payable-NBR Bank
Interest expense
Cash
Notes payable Fargo Bank
✓
✓
››
››
✓
✓
✓
›
Debit
35,500
35,500✔
51,000✔
875 X
33,000✔
Credit
35,500✔
500✔
51,000✔
33,000✔](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F79230ede-abee-48be-b081-0d609de4eb2e%2F68fa4b65-0bb0-4ec0-8993-161da2d672da%2Fyv1066q_processed.png&w=3840&q=75)
Transcribed Image Text:No
1
2
Problem 9-1A (Algo) Part 5
5. Prepare journal entries for all the preceding transactions and events.
Note: Do not round your intermediate calculations.
3
4
6
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
7
April 20 Purchased $35,500 of merchandise on credit from Locust, terms n/30.
May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along
with paying $500 in cash.
July 8 Borrowed $51,000 cash from NBR Bank by signing a 120-day, 10%, $51,000 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 $33,000 cash from Fargo Bank by signing a 60-day, 9%, $33,000 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.
Date
April 20
May 19
July 08
August 17
November 28
December 31
X Answer is not complete.
Merchandise inventory
Accounts payable-Locust
General Journal
Accounts payable-Locust
Cash
Interest expense
Cash
Notes payable-NBR Bank
Interest expense
Cash
Notes payable Fargo Bank
✓
✓
››
››
✓
✓
✓
›
Debit
35,500
35,500✔
51,000✔
875 X
33,000✔
Credit
35,500✔
500✔
51,000✔
33,000✔
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