Question

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 78 annual interest along with paying $3,500 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $69,000. 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 $21,000 cash from Fargo Bank by signing a 60-day, 9% interest-bearing note with a face value of $21,000. 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. equired: Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank laturity date

Answer 1

Maturity dale the note NBR Fargo LOCUS BOAC Raak Date of 19-way 8 July lem of note 90 120 60 Maturity dale 17 Aug 5-NOV 27.Jan 2. Talesh due al Mahofly popropalo * Rates time = 1, de test nocast. 35.000 + 7. 90/360 - 612.5 NBR Bank 69.000 Bly + 120/360 | 2,530 Fango Bartc | 21,000 as. + 60/360 = 315 3. Amount Pi ad fusting entoy 21000 x 2;. * 6 350 =173125 1. YOU CH ACC Fargo Bank e dos Painepes * Rates the face. TOETSH-obe acoued 1000 * 94 * 33/%- 173.95 4. Interest expense to be decowed in 2017_ spaa ed accm bresalipofachal Fargo Back Pale _the m es Jost to Derde 2012 1000 94. + 27/20 - 147.75 Jooncolentes male --Malcoolczos 2016 20 ppi Teventos, AI DO 38.520 70 Accoon's poyable Alc 38,70 awy Accounts payable AICDY 38,500 TD Cathak 3.500 TO noes povablo Alc 35.000 --50 Cosh AK 07 64.000 70 Noles payable al 69 000 35.000 Thesessperse AK DO 612-5 TO Coshal 356125 69000 .Now roles payable AK OY Pierest expense AK OD 71530 TD Goshen 21.ro 98-No Cosh AlC00 TO colepayable Al 17323 3-08 Pterest-exponse AICOS "Dente est povableak AC nodes payble ALL OD Zipo 173.25 Rapornoles payable Alcoy Pokres payabo AIC 08 Ante est expense. Alc OS TO Cashel 21000 11325 11-5 2.315