Question

U counting- 2 https/blackboard.cpp -Homework Saved Problem 9-1A Short-term notes payable transactions and entries LO P1 (The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. . May 19 Replaced the Apr 11 20 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along with paying $5,250 in cash. July Borrowed $80,000 cash from NBR Bank by signing a 120 day, 9 Interest-bearing note with a face value of $80,000 Paid the amount due on the note to Locust at the maturity date. 7 Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed 542,000 cash from Fargo Bank by signing a 60-day, BN Interest-bearing note with a face value of $42,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2018 Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A Part 1 Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date

Answer 1

	Locust	NBR bank	Fargo Bank
Maturity date	= May 19 + 90 days = August 17	= July 8 + 120 days = November 5	= Nov 28 + 60 days = January 27

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