Required information The following information applies to the questions displaye

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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 $54,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $54,000 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 $24,000 cash from Fargo Bank by signing a 68-day, 8% interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 $24,000 --?- Paid the amount due on the note to Fargo Bank at the maturity date. Required: . Determine the maturity date for each of the three notes described Locust NBR Bank Fargo Bank Maturity date

Explanation / Answer

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2)

20-Apr

1.) Locust NBR bank Fargo Bank Date of the note 19-May 8-Jul 28-Nov Term of the note in days 90 120 60 Maturity date 17-Aug 5-Nov 27-Jan

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