3 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. Part 3 of 5 1 points 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, 93, $35,000 note payable along with paying $500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 103, $63,000 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, 63, $33,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. eBook Year 2 Ask _?__ Paid the amount due on the note to Fargo Bank at the maturity date. . Print Problem 9-1A (Algo) Part 3 References 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.) Year End Accrual Required for: Fargo Bank Rate x Time Principal * Interest Interest to be accrued in Year 1 ! 4 Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.) Part 4 of 5 Tyrell Company entered into the following transactions involving short-term liabilities. 1 points 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, 93, $35,000 note payable along with paying $500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 103, $ 63,000 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, 63, $33,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. eBook Year 2 Ask _?_ Paid the amount due on the note to Fargo Bank at the maturity date. Print Problem 9-1A (Algo) Part 4 References 4. Determine the interest expense recorded in Year 2. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) Year End Accrual Required For: Fargo Bank Principal x Rate x Time = Interest Interest to be recorded in Year 2 % 2 ! Part 2 of 5 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. 2 points eBook 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, 93, $35,000 note payable along with paying $500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 103, $63,000 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, 63, $33,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Ask Year 2 Print _?_ Paid the amount due on the note to Fargo Bank at the maturity date. References Problem 9-1A (Algo) Part 2 2. Determine the interest due at maturity for each of the three notes. (Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.) Rate Time Interest Locust NBR Bank Fargo Bank Principal x $ 35,000 $ 63,000 x $ 33,000 9% 10% 61% 90/360 120/360 60/360 $ 3,195 $ 6,300 $ 1,980