Sco re: 20/20 Points 100 %
[The following information applies to the questions displayed below.]
Tyrell Co. entered into the following transactions involving short-term liabilities.
Year 1
Apr. 20 Purchased $38,500 of merchandise on credit from Locust, terms n/30.
May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with
paying $3,500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11%, $63,000 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.
Nov. 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 7 %, $33,000
note payable.
Dec. 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.
