Problem $9-1$A $($Algo$)$ Short$-$term notes payable transactions and entries LO P$1$

Skip to question

$[$The following information applies to the questions displayed below.$]$

Tyrell Company entered into the following transactions involving short$-$term liabilities.

Year $1$

April $20$ Purchased $$36,500$ of merchandise on credit from Locust, terms n$/30.$

May $19$ Replaced the April $20$ account payable to Locust with a $90-$day, $8\%,$ $$35,000$ note payable along with paying $$1,500$ in cash.

July $8$ Borrowed $$57,000$ cash from NBR Bank by signing a $120-$day, $12\%,$ $$57,000$ note payable.

$\_\_?$question mark$\_\_$ Paid the amount due on the note to Locust at the maturity date.

$\_\_?$question mark$\_\_$ Paid the amount due on the note to NBR Bank at the maturity date.

November $28$ Borrowed $$24,000$ cash from Fargo Bank by signing a $60-$day, $7\%,$ $$24,000$ note payable.

December $31$ Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Year $2$

$\_\_?$question mark$\_\_$ Paid the amount due on the note to Fargo Bank at the maturity date.Problem $9-1$A $($Algo$)$ Short$-$term notes payable transactions and entries LO P$1$

$[$The following information applies to the questions displayed below.$]$

Tyrell Company entered into the following transactions involving short$-$term liabilities.

Year $1$

Year $2$

$\_\_?$ Paid the amount due on the note to Fargo Bank at the maturity date.

oblem $9-1$A $($Algo$)$ Part $5$

Prepare journal entries for all the preceding transactions and events.

te: Do not round your intermediate calculations.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

Purchased $$36,500$ of merchandise on credit from Locust, terms $\frac{n}{30}.$

Note: Enter debits before credits.