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 shortterm liabilities. Year 1 Apr. 20 Purchased $39,000 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 $4,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120day, 11%, $66,000 note payable. 7 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 $27,000 cash from Fargo Bank by signing a 60day, 6%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. ? Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A Part 1 Requhed: 1. Determine the maturity date for each of the three notes described. [T he following Information applies to the questions displayed below. ] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90day, 8%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11%, $66,000 note payable. 4,?4, Paid the amount due on the note to Locust at the maturity date. 4,?4, Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing a 60day, 6%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 4,?4, Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A Part 2 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) _I_-II-H- NBRBmw Fargo Bank Problem 11-1A Short-term notes payable transactions and entries L0 P1 [The following information applies to the questions displayed below] Tyrell Co. entered into the following transactions involving shortterm liabilities. Year 1 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90day, 8%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120day, 11%, $66,000 note payable. 4774, Paid the amount due on the note to Locust at the maturity date. 4,?4, Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing a 60day, 6%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year2 4,?4, Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A Part 3 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculations. Use 360 days a year.) -I-II-H- 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. Year 1 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90day, 8%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11%, $66,000 note payable. 9 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 $27,000 cash from Fargo Bank by signing a 60day, 6%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. ? Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A Part 4 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.) be _I--I_H_ Problem 11-1A Short-term notes payable transactions and entries L0 P1 [The following information applies to the questions displayed below. J Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $39,000 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 $4,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11%, $66,000 note payable. 9 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 $27,000 cash from Fargo Bank by signing a 60-day, 6%, $27,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. ? Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A Part 5 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) Journal entry worksheet Journal entry worksheet Purchased $39,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $4,000 in cash. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11%, $66,000 note payable. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 6%, $27,000 note payable. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits. Record entry Clear entry View general journal