NEED ALL 5 PARTS thanks.. Required information Problem 11-1A Short-term notes pa

Question

NEED ALL 5 PARTS thanks..

Required information

Problem 11-1A Short-term notes payable transactions and entries LO P1

[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

2017

Problem 11-1A Part 1

Required:
1. Determine the maturity date for each of the three notes described.

Problem 11-1A Part 2

2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.)

Problem 11-1A Part 3

3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round your intermediate calculations. Use 360 days a year.)

Problem 11-1A Part 4

4. Determine the interest expense to be recorded in 2017. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.)

Problem 11-1A Part 5

5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.)

Apr. 20 Purchased $35,500 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 7% annual interest along with paying $500 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $60,000. __?__ 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. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $27,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Explanation / Answer

1. Replace of Locust - August 17, 2016

NBR bank - November 5, 2016

Fargo bank - January 27,2017

2)interest due on maturity:

Replace of Locust - 612.5 (35000 X 7% X 90/360)

NBR - 2000 (60000 X 10% X 120 / 360)

Fargo - 315 (27000 X 7% X 60 / 360)

3) interest expense to be recorded :

Fargo = 27000 X 7% X 34 / 360 = 178.5

NBR = 2000

Locust = 612.5

Total interest expense in 2016 = 612.5 + 2000 + 178.5 = 2791

4) interest expense. 2017 = 315 - 178.5 = 136.5

This is problem, the first note which bought from locust was not considered for interest purpose because, interest rate for that is not given

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