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
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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 $37,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 98-day, 84,$35,000 note payable atong with paying $2,500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 128,$63,600 note payable. -? Paid the amount due on the note to Locust at the maturity date. November ? Paid the amount due on the note to NBR Bank at the maturity date. December 31 Recorded an adfusting from Fargo Bank by signing a 60-day, 7%,$21,000 note payable. Year 2 -? Paid the amount due on the note to Fargo Bank at the maturity date. (x) Answer is complete but not entirely correct. Required information
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