Required information The following information applies to the questions displaye

Question

Required information The following information applies to the questions displayed below. Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $38,500 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 8% annual interest along with paying $3,500 in cash. July 8 Borrowed $51,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $51,000 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 ec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2017 ??-Paid the amount due on the note to Fargo Bank at the maturity date. Required 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date

Explanation / Answer

Explanation: Maturity dates Locust Natl. Bank Fargo   Date of the note May 19      July 8      Nov. 28        Term of the note (in days) 90      120      60        Maturity date Aug. 17      Nov. 5      Jan. 27      Locust Natl. Bank Fargo Maturity date Aug. 17      Nov. 5      Jan. 27

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