Problem 9-1A Short-term notes payable transactions and entries P1 Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable. July 8 ? 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 $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 ? Paid the amount due on the note to Fargo Bank at the maturity date. ? Required 1. Determine the maturity date for each of the three notes described. 2. Determine the interest due at maturity for each of the three notes. Assume a 360-day year. Check (2) Locust, $875 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (3) $308 4. Determine the interest expense recorded in Year 2. (4) $252 5. Prepare journal entries for all the preceding transactions and events.

Tyrell Co, entered into the followiag trassactions involving shortserm liabilities. Year 1 Apr. 20. Rurchased $40,250 of merchandive on credit from Locus, terms a/ 30 May 19 Replaced the April 20 account popahle to Locust with a 90day, 105,$35.000 note payable along with paying $5.250 in cavh. July 8 Borrowed $80,000 cash from NBR Hank by signing a 120day, 9%,$80,000 note payable. 7 Paid the amoant dae on the note to Locust at the maturity date. 2. Pait the amount dae on the note to NBR Bank at the maturity date. Nav. 28 Borrowed 542,000 cash from Fargo bank by signisg a 60-day, 85,$42,000 note payable Dec. 31 Recorded an adjusting entry for acerued interest on the note to Fargo Bank. Year 2 Paid the amount due os the note to Farpo Bunk at the maturity date. Required 1. Determine the maturity date for each of the threce notes described. 2. Determine the intereut due at maturity for each of the three notes Assume a J60-day year. 3. Determine the infetest expense reconded in the achisting entry at the end of Year 1 . 4. Determine the interst copense recouted in Your 2 5. Prepare foumal enties for all the precediey transactions and event