In: Accounting
Required information
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities.
Year 1
Apr. | 20 | Purchased $37,500 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 $2,500 in cash. | ||
July | 8 | Borrowed $51,000 cash from NBR Bank by signing a 120-day, 11%, $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. | |||
Nov. | 28 | Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 6%, $33,000 note payable. | ||
Dec. | 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. (Do not round your
intermediate calculations.)