Date | Account Titles | Debit | Credit | |
Apr-20 | Inventory | $ 36,000 | ||
Accounts Payable | $ 36,000 | |||
(Purchased inventory on account) | ||||
May-19 | Accounts Payable | $ 36,000 | ||
Notes Payable | $ 35,000 | |||
Cash | $ 1,000 | |||
(Paid accounts payable in cash and given notes payable) | ||||
Jul-08 | Cash | $ 57,000 | ||
Notes Payable | $ 57,000 | |||
(Borrowed loan from bank) | ||||
Aug-17 | Notes Payable | $ 35,000 | ||
Interest Expense | $ 788 | =35000*9%*3/12 | ||
Cash | $ 35,788 | |||
(Paid notes payable with interest) | ||||
Nov-05 | Notes Payable | $ 57,000 | ||
Interest Expense | $ 2,280 | |||
Cash | $ 59,280 | |||
(Paid notes payable with interest) | ||||
Nov-28 | Cash | $ 30,000 | ||
Notes Payable | $ 30,000 | |||
(Borrowed loan from bank) | ||||
Dec-31 | Interest Expense | $ 1,360 | =30000*8%*34/60 | |
Interest Payable | $ 1,360 | |||
(Interest accrued but not paid for 34 days) | ||||
2017 | ||||
Jan-26 | Interest Payable | $ 1,360 | ||
Interest Expense | $ 1,120 | =30000*8%*28/60 | ||
Notes Payable | $ 30,000 | |||
Cash | $ 32,480 | |||
(Repaid notes payable with interest) |
Total days has been taken as 360 days in a year.
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. inve 2016 Apr. 20 Purchased $36,000 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 $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $57,000....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $36,000 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 $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $57,000. Paid...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, S35.000 note bearing 8% annual July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face inventory system. interest along with paying $2,000 in cash. value of $69, 000....
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 8 annual interest along with paying $3,500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day. 120 interest-bearing note with a face value of $66,000. __?_...
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...
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, 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 81 annual interest along with paying $3,500 in cash. July 8 Borrowed $66,000 cash from NSR Bank by signing a 120-day, 128 interest-bearing note with a face value of $66,000. Paid...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 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 9% annual interest along with paying $500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $66,000. __?__...
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. __?__...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased S40,250 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 108 annual interest along with paying $5,250 in cash. July 8 Borroved S80,000 cash from NBR Bank by signing a 120-day, 98 interest-bearing note with a face value of $80,000. Paid the amount due on the...
Che 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,e00 in cash. July 8 Borrowed $57,e00 cash from NBR Bank by signing a 120-day, 11%, $57,eee note payable. Paid the amount due on the note to Locust at the maturity date....