Question

Chapter 09 Homework i Saved 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 2017 and 2018. points eBook 2017 Apr. 20 Purchased $37,500 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 $2,500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $66,000. 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 $33,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $33,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Print References 2018 __?__ Paid the amount due on the note to Fargo Bank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date

Please help its a 5 part question and i dont know what to do

Answer 1

1)	Maturity date
			locust	NBR	fargo
	date of the note		19-May	8-Jul	28-Nov
	term of note		90	120	60
	maturity date		17-Aug	5-Nov	27-Jan
2)	interest due at maturity
		principal	*	Rate	*	time	=	interest
	locust	35,000	*	8%	*	90/360	=	700
	NBR	66,000	*	11%	*	120/360	=	2420
	Fargo	33,000	*	7%	*	60/360	=	385
3)	Amount in adjusting entry
				Fargo Bank
			principal	*	Rate	*	time	=	interest
interest to be acccrued in 2016			33,000	*	7%	*	33/360	=	212
4)	interest expense to be recorded in 2017
			principal	*	Rate	*	time	=	interest
interest to recorded in 2018			33,000	*	7%	*	27/360	=	173
	Journal entries
	Date	Accounting titles & Explanations				Debit	Credit
	2016
	20-Apr	inventory				37,500
		Accounts payable					37,500
	19-May	Accounts payable				37,500
		cash					2,500
		notes payable					35,000
	8-Jul	Cash				66,000
		notes payable					66,000
	17-Aug	notes payable				35,000
		interest expense				700
		cash					35,700
	5-Nov	notes payable				66,000
		interest expense				2,420
		cash					68,420
	28-Nov	Cash				33,000
		notes payable					33,000
	31-Dec	interest expense				212
		interest payable					212
	2017
	27-Jan	notes payable				33,000
		interest payable				212
		interest expense				173
		cash					33,385