Question: help Required information Problem 9-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Co. entered
![P1 [The following information applies to the questions displayed below.] Tyrell Co.](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2024/10/66fb78f67b49b_53466fb78f62679a.jpg)
Required information Problem 9-1A Short-term notes payable transactions and entries LO P1 [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 $37,000 of merchandise on eredit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 day, 88,$35,000 note payable along with paying $2,000 in cash. July Borrowed $66,000 cash from NBR Bank by aigning a 120-day, 108, $66,000 note payable. - Paid the amount due on the note to Locuat at the maturity date. - Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Dorrowed $33,000 canh from Fargo Dank by aigning a 60-day, 98,$33,000 note payable. Dec. 31 Recorded an adjusting entry for acorued interest on the note to rargo lank. Year 2 - - paid the amount due on the note to Pargo Bank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
