Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 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 $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 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 Locust NBR Bank Fargo Bank
Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 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 $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 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 Locust NBR Bank Fargo Bank
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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Tyrell Company entered into the following transactions involving short-term liabilities.
Year 1
April 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30.
May 19
Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along
with paying $5,250 in cash.
Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 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 $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable.
December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
July 8
?
?
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
Locust
NBR Bank
Fargo Bank](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c31f947-5848-48a2-943b-5d3c9bff6f43%2Fedc4a4b5-12f7-43bc-935a-8747593241e3%2F7n1fche_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 $40,250 of merchandise on credit from Locust, terms n/30.
May 19
Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along
with paying $5,250 in cash.
Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 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 $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable.
December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
July 8
?
?
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
Locust
NBR Bank
Fargo Bank
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