Question: Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 Skip to question [The following information applies to the questions displayed below.]
Required information
Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1
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[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 $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 $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 note payable. |
| __?__ | 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. |
| November 28 | Borrowed $21,000 cash from Fargo Bank by signing a 60-day, 9%, $21,000 note payable. |
| December 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. |
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Problem 11-1A (Algo) Part 5
5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.)
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