Required information 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 $35,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the May 19 Replaced, the April 20 account payable to Locust with a 90-day, S35,000 note bearing 7% annual July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face perpetual inventory system. interest along with paying $0 in cash. value of $57, 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 $30,000 cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 value of $30,000 Paid the amount due on the note to Fargo Bank at the maturity date Next 10 of 14 Prev 2017 Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A Part 1 Required: 1. Determine the maturity date for each of the three notes described Fargo Bank NBR Bank Locust Maturity date Valu of $30, 000 estbear ng HOte With a face 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 dat Problem 11-1A Part 2 2 Determine the interest due at maturity fo each of the thre notes (Ds not ound yom interest due at maturity for each of the three notes. (Do not round your intermediate calc ulations. Use 360 daysa year.) Principal x Rate x TimeInterest Locust NBR Bank Fargo Bank Problem 11-1A Part 3 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round your intermediate calculations. Use 360 days a year.) Year end accrual required for Fargo Bank Principal x RateTimeInterest Interest to be accrued in 2016 Problem 11-1A Part 4 a. Determine the interest expense to be recorded in 2017, (Do not round intermediate calculations and round nearest whole dollar. Use 360 days a year.) your final answers to Year end accrual required for: Fargo Bank Principalx Rate x TimeInterest Interest to be recorded in 2017 Required information Import a new IIst 1 Purchased $35,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. Tyrell 2 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $0 in cash. 3 Borrowed $57,000 cash from NBR Bank by signing a 120- day, 10% interest-bearing note with a face value of $57,000. Credit Paid the amount due on the note to Locust at the maturity date. 4 5 Paid the amount due on the note to NBR Bank at the Note : . journal entry has been entered c 10 of 14 Next > Required information Import a new Ilst day, 10% interest-bearing note with a face value of $57,000. Tyrell 4 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. 5 Credit 6 Borrowed $30,000 cash from Fargo Bank by signing a 60- day, 6% interest-bearing note with a face value of $30,000. 7 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note : journal entry has been entered 10 of 14 Next> Required information 5.2 Prepare journal entries for all the preceding transactions and events for 2017. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits. Debit Date General Journal Credit Jan 27, 2017