Can someone just finish this for me please. Tyrell Co. entered into the followin
ID: 2402110 • Letter: C
Question
Can someone just finish this for me please.
Tyrell Co. entered into the following transactions involving short-term liabilities in 2015 and 2016. 2015 Apr. 20 Purchased $36,000 of merchandise on credit from Loco, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Loco with a 90-day, $35,000 note bearing 8% annual interest along with paying $1,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $66,000. ?Paid the amount due on the note to Loco 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, 8% interest-bearing note with a face value of $33,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2016 Paid the amount due on the note to Fargo Bank at the maturity date.Explanation / Answer
Payment made to LOCO at the maturity date
Date
General Journal
Debit
Credit
August 17 2015
Notes payable
$ 35,000.00
Interest Expenses
$ 700.00
Cash
$ 35,700.00
(paid Notes payable with Interest)
Payment made to NBR Bank at the maturity date
November 5 2015
Notes payable
$ 66,000.00
Interest Expenses
$ 2,420.00
Cash
$ 68,420.00
(paid Notes payable with Interest)
Borrowed $ 33000 cash from Fargo Bank by issuing Notes payable
November 28 2015
Cash
$ 33,000.00
Notes Payable
$ 33,000.00
(notes payable Issued)
Adjusting entry at year end
December 31 2015
Interest Expense
$ 242.00
Interest Payable
$ 242.00
(Interest for 33 days due on notes payable)
Payment made to Fargo Bank at the maturity date
Jan 27 2016
Notes payable
$ 33,000.00
Interest Expenses
$ 198.00
Interest payable
$ 242.00
Cash
$ 33,440.00
(paid Notes payable with Interest)
Payment made to LOCO at the maturity date
Date
General Journal
Debit
Credit
August 17 2015
Notes payable
$ 35,000.00
Interest Expenses
$ 700.00
Cash
$ 35,700.00
(paid Notes payable with Interest)
Payment made to NBR Bank at the maturity date
November 5 2015
Notes payable
$ 66,000.00
Interest Expenses
$ 2,420.00
Cash
$ 68,420.00
(paid Notes payable with Interest)
Borrowed $ 33000 cash from Fargo Bank by issuing Notes payable
November 28 2015
Cash
$ 33,000.00
Notes Payable
$ 33,000.00
(notes payable Issued)
Adjusting entry at year end
December 31 2015
Interest Expense
$ 242.00
Interest Payable
$ 242.00
(Interest for 33 days due on notes payable)
Payment made to Fargo Bank at the maturity date
Jan 27 2016
Notes payable
$ 33,000.00
Interest Expenses
$ 198.00
Interest payable
$ 242.00
Cash
$ 33,440.00
(paid Notes payable with Interest)
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.