Problem 11-1A 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 in 2016 and 2017. 2016

Apr.		20		Purchased $35,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.
May		19		Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $500 in cash.
July		8		Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000.
__?__				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 $24,000 cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face value of $24,000.
Dec.		31		Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

2017

__?__

Paid the amount due on the note to Fargo Bank at the maturity date.

Problem 11-1A Part 5

5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.)

VULC VENIL LIGUIL Apr 20, 2016 gical vUual Merchandise inventory Accounts payableLocust 35,500 35,500 May 19, 2016 35,500 Accounts payableLocust Notes payableLocust Cash 35,000 500 Jul 08, 2016 63,000 Cash Notes payable-NBR Bank 63,000 Aug 17, 2016 Notes payableLocust Interest expense Cash 000 000 00 00 00 00 35,000 604 34,396 X Nov 05, 2016 Notes payable-NBR Bank Interest expense Cash 63,000 2,278 X 60,722 Nov 28, 2016 24,000 Cash Notes payable-NBR Bank 24,000 Dec 31, 2016 130 X Interest expense Interest payable 130 X 5.2 Prepare journal entries for all the preceding transactions and events for 2017. (Do not round your intermediate calculations.) Credit No 1 Date Jan 27, 2017 Answer is complete but not entirely correct. General Journal Debit Notes payableFargo bank 24,000 Interest payable 130 Interest expense 142 OOO Cash 24,272X