Required information
[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 $37,500 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 $2,500 in cash. |
July |
|
8 |
|
Borrowed $51,000 cash from NBR Bank by signing a 120-day, 11%,
$51,000 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, 6%,
$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
|
2. Determine the interest due at maturity for
each of the three notes. (Do not round your intermediate
calculations. Use 360 days a year.)