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 2015 and 2017. 2016 Apr. 20 Purchased $48,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 2e account payable to Locust with a 90-day, $35,800 note bearing 10% annual interest along with paying $5,250 in cash. July 8 Borrowed $8e, eee cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80, eae. 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% interest-bearing note with a face value of $42,000. 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 date. Problem 11-1A Part 1 Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date 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 2015 and 2017. 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,eee note bearing 10% annual interest along with paying $5,250 in cash. July 8 Borrowed $8e, eee cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80, eae. 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% interest-bearing note with a face value of $42,000. 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 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 year.) Principal Rate X Time Interest % Locust NBR Bank Fargo Bank 96 96 = 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 2015 and 2017. 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,8ea note bearing 18% annual interest along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80,000 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 $42,00 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $42,890. 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 date. 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 Rate Time 96 X X Interest Interest to be accrued in 2016 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 2015 and 2017. 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,8ea note bearing 18% annual interest along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80,00. 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% interest-bearing note with a face value of $42, eae. 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 date. Problem 11-1A Part 4 4. Determine the interest expense to be recorded in 2017. (Do not round your Intermediate calculations. Use 360 days a year.) Year End Accrual Required For: Principal Rate Fargo Bank Time % x Interest Interest to be recorded in 2017 = 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 2015 and 2017. 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,8ea note bearing 18% annual interest along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80,000 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 $42,00 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $42,800. 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 date. Problem 11-1A Part 5 5.1 Prepare journal entries for all the preceding transactions and events for 2016. View transaction list View journal entry worksheet No Date General Journal Debit Credit 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 2015 and 2017. 2016 Apr. 20 Purchased $48,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 2e account payable to Locust with a 90-day, $35,800 note bearing 10% annual interest along with paying $5,250 in cash. July 8 Borrowed $8e, eee cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80, eae. 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% interest-bearing note with a face value of $42,000. 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 date. Problem 11-1A Part 1 Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date 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 2015 and 2017. 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,eee note bearing 10% annual interest along with paying $5,250 in cash. July 8 Borrowed $8e, eee cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80, eae. 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% interest-bearing note with a face value of $42,000. 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 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 year.) Principal Rate X Time Interest % Locust NBR Bank Fargo Bank 96 96 = 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 2015 and 2017. 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,8ea note bearing 18% annual interest along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80,000 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 $42,00 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $42,890. 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 date. 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 Rate Time 96 X X Interest Interest to be accrued in 2016 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 2015 and 2017. 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,8ea note bearing 18% annual interest along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80,00. 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% interest-bearing note with a face value of $42, eae. 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 date. Problem 11-1A Part 4 4. Determine the interest expense to be recorded in 2017. (Do not round your Intermediate calculations. Use 360 days a year.) Year End Accrual Required For: Principal Rate Fargo Bank Time % x Interest Interest to be recorded in 2017 = 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 2015 and 2017. 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,8ea note bearing 18% annual interest along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80,000 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 $42,00 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $42,800. 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 date. Problem 11-1A Part 5 5.1 Prepare journal entries for all the preceding transactions and events for 2016. View transaction list View journal entry worksheet No Date General Journal Debit Credit