Tyrell Co. entered into the following transactions involvingshort-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased$38,000 of merchandise on credit from Locust, terms n/30. Tyrelluses the perpetual inventory system. May 19 Replaced the April 20account payable to Locust with a 90-day, $35,000 note bearing 8%annual interest along with paying $3,000 in cash. July 8 Borrowed$63,000 cash from NBR Bank by signing a 120-day, 11%interest-bearing note with a face value of $63,000. __?__ Paid theamount due on the note to Locust at the maturity date. __?__ Paidthe 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, 7%interest-bearing note with a face value of $33,000. Dec. 31Recorded an adjusting entry for accrued interest on the note toFargo Bank. 2017 __?__ Paid the amount due on the note to FargoBank at the maturity date.
Tyrell Co. entered into the following transactions involvingshort-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased$38,000 of merchandise on credit from Locust, terms n/30. Tyrelluses the perpetual inventory system. May 19 Replaced the April 20account payable to Locust with a 90-day, $35,000 note bearing 8%annual interest along with paying $3,000 in cash. July 8 Borrowed$63,000 cash from NBR Bank by signing a 120-day, 11%interest-bearing note with a face value of $63,000. __?__ Paid theamount due on the note to Locust at the maturity date. __?__ Paidthe 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, 7%interest-bearing note with a face value of $33,000. Dec. 31Recorded an adjusting entry for accrued interest on the note toFargo Bank. 2017 __?__ Paid the amount due on the note to FargoBank at the maturity date.
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[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 $39,500 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 $4,500 in cash. | ||
| July | 8 | Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000. | ||
| __?__ | 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 $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000. | ||
| Dec. | 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. |
5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.)
Journal entry worksheet
Transaction Index :
Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.
Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $4,500 in cash.
Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000.
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.
Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.
Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Note: Enter debits before credits.
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Note: Enter debits before credits.
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Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000. 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. Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000. Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits.
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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
| 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. | ||
2017
| __?__ | Paid the amount due on the note to Fargo Bank at the maturity date. |
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.)
I need helps with numbers 4 & 5. Questions 1-3 I havealready completed and prvoded below.
[The following information applies to the questionsdisplayed below.]
Tyrell Co. entered into the following transactions involvingshort-term liabilities in 2014 and 2015. |
| 2014 | |
| Apr.20 | Purchased $35,500 of merchandise on credit from Locust, termsare 1/10, n/30. Tyrell uses the perpetual inventory system. |
| May19 | Replaced the April 20 account payable to Locust with a 90-day,$35,000 note bearing 7% annual interest along with paying $500 incash. |
| July8 | Borrowed $63,000 cash from National Bank by signing a 120-day,12% interest-bearing note with a face value of $63,000. |
| __?__ | Paid the amountdue on the note to Locust at the maturity date. |
| __?__ | Paid the amountdue on the note to National Bank at the maturity date. |
| Nov.28 | Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 8%interest-bearing note with a face value of $27,000. |
| Dec.31 | Recorded anadjusting entry for accrued interest on the note to FargoBank. |
| 2015 |
| __?__ | Paid the amountdue on the note to Fargo Bank at the maturity date. |
1. Determine the maturity date for each of thethree notes described.
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2. Determine the interest due at maturity foreach of the three notes. (Do not round your intermediatecalculations. Use 360 days a year.)
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4. Determine the interest expense to berecorded in 2015. (Do not round intermediate calculationsand round your final answers to nearest whole dollar. Use 360 daysa year.) Fill in the blanks.
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5. Prepare journal entries for all thepreceding transactions and events for years 2014. (Do notround your intermediate calculations.)
