Question: Required information Problem 9-1A Short-term notes payable transactions and entries LO P1 The following information applies to the questions displayed below Tyrell Co. entered into

 Required information Problem 9-1A Short-term notes payable transactions and entries LO

Required information Problem 9-1A 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 2017 and 2018 2017 Apr. 20 Purchased $37, 500 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, $35,000 note bearing 9% annual interest along with paying $2,500 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $69,000 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 $30,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2018 $30,000 ?-Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A Part 1 Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!