Tyrell Co. entered into the following transactions involving short-term liabilit
ID: 2526648 • Letter: T
Question
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $38,000 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 $3,000 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 2Paid the amount due on the note to Locust at the maturity date Nov. 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2017 Paid the amount due on the note to NBR Bank at the maturity date. $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 dateExplanation / Answer
Answer 1
Explanation :
23 (July) + 31 (Aug) + 30 (Sept) +31 (Oct ) + 5 (Nov) = November 5 , 2016
Answer 2
Answer 3
Locust NRB Bank Fargo Bank Maturity Date August 17 , 2016 November 5 , 2016 January 27, 2017Related Questions
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