Question: Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered
Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 [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 $35,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8X, $35, eee note payable along with paying se in cash. July 8 Borrowed $69,00 cash from NBR Bank by signing a 120-day, 11%, $69,eee 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 $30,eee cash from Fargo Bank by signing a 60-day, 8%, $30,000 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. Problem 9-1A (Algo) Part 2 2. Determine the interest due at maturity for each of the three notes. (Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.) Principal * Time Interest Locust NBR Bank Fargo Bank Rate 96 % * % X
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