Ashley CruzHarvard University
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Tyrell Company entered into the following transactions involving short-term liabilities.
April 20 Purchased $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 12%, $60,000 note payable. __?__ 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. November 28 Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 8%, $36,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
. Determine the interest due at maturity for each of the three notes. (Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.)
Principal × Rate × Time = Interest Locust × % × = NBR Bank × % × = Fargo Bank × % × =