Date | Account titles and explanation | Debit | Credit | ||||||
2016 | |||||||||
Apr. 20 | Merchandise inventory | 38500 | |||||||
Accounts payable | 38500 | ||||||||
(Purchased merchandise on credit) | |||||||||
May. 19 | Accounts payable | 38500 | |||||||
Note payable | 35000 | ||||||||
Cash | 3500 | ||||||||
(Replaced the amount due with a 8% note) | |||||||||
July. 8 | Cash | 57000 | |||||||
Note payable | 57000 | ||||||||
(Borrowed from bank) | |||||||||
Aug. 17 | Note payable | 35000 | |||||||
(May 19+90 days) | Interest expense | (35000*8%*90/360) | 700 | ||||||
Cash | 35700 | ||||||||
(Paid the note at maturity) | |||||||||
Nov. 5 | Note payable | 57000 | |||||||
(July 8+120 days) | Interest expense | (57000*12%*120/360) | 2280 | ||||||
Cash | 59280 | ||||||||
(Paid the note at maturity) | |||||||||
Nov. 28 | Cash | 33000 | |||||||
Note payable | 33000 | ||||||||
(Borrowed from bank) | |||||||||
Dec. 31 | Interest expense | (33000*7%*35/360) | 225 | ||||||
Interest payable | |||||||||
(Interest accrued from Nov 28 to Dec 31-35 days) | |||||||||
2017 | |||||||||
Jan. 25 | Interest expense | (33000*7%*25/360) | 160 | ||||||
(Nov 28+60 days) | Interest payable | (33000*7%*25/360) | 225 | ||||||
Note payable | 33000 | ||||||||
Cash | 33385 | ||||||||
(Paid the note at maturity) | |||||||||
Required Information The following information applies to the questions displayed below.] Tyrell Co. entered into the...
21 Required information (The following information applies to the questions displayed below.) Part 1 of 5 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 points 12012200 2016 Apr. 20 Purchased $37,500 of merchandise on credit fron Locust, terns 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 annual interest along with paying $2,500 in cash. July 8 Borrowed $51,000...
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 $37,588 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 9% annual interest along with paying $2,5ee in cash. July 8 Borrowed $51,800 cash from NBR Bank by signing a...
Required information [The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $35,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 12%, $66,000 note payable. _?_ Paid the amount due on...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $38,000 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 9% annual interest along with paying $3,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $54,000. __?__...
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...
Required information [The following information applies to the questions displayed below) Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $1,880 in cash. July 8 Borrowed 557,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. _?_ Paid the amount due on...
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 $37,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory System. 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8 annual interest along with paying $2,500 in cash 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 118...
Required information [The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities, Year 1 Apr. 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 99, $35,000 note payable along with paying $4,500 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11, $69,000 note payable. ? Paid the amount due on...
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, terma n/30. Tyrell uses the perpetual inventory system. Nay 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing annual interest along with paying $3,500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 12 interest-bearing note with a face value of $66,000. ___ Paid...
21 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 Part 1 of 5 Doints 8 02:06 2016 Apr. 20 Purchased $38,500 of merchandise on credit from Locust, terns 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...