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I need help with this question please 5. Separate problem for notes payable. Your company borrowed...
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a...
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a 90-day, 9% note payable. 2. On September 15, a company borrowed $75,000 from its bank by signing a 60-day, 6% note payable. Determine the maturity date for each note. 1. Prepare journal entries to record the issuance of the notes payable. 2. Prepare journal entries to record the payment of the notes at maturity. Show your work. 1. Issuance Date Account Debit Credit 2....
Problem 9-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
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. 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, 8%, $35,000 note payable along with paying $500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11%, $63,000...
Required information Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies...
Required information Problem 11-1A 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 Year 1 Apr. 20 Purchased 538,500 of merchandise on credit from Locust, teras n/30. May 19 Replaced the April 20 account payable to Locust with a 90 day, 8%, $35,000 note payable along with paying $3,500 in cash. July 3 Borrowed 554,000 cash from NBR Bank by signing a...
Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A 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 2016 and 2017.
2016
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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A 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 2016 and 2017.
2016
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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
XI Required information Problem 9-1A Short-term notes payable transactions and entries LO P1 The following i...
XI Required information 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. Year 1 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms n/30. 19 Replaced the April 20 account payable to Locust with a 90-day, 98, $35,000 note payable along with paying $4, 000 in cash. May July 8 Borrowed $57,000 cash from NBR Bank by signing...
Journal Entries for Accounts Payable and Notes Payable Geary Company had the following P10-1B. transactions: Apr....
Journal Entries for Accounts Payable and Notes Payable Geary Company had the following P10-1B. transactions: Apr. 15 Issued a $6,000, 60-day, eight percent note payable in payment of an account with Marion Company. 22 Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. 14 Paid Marion Company the principal and interest due on the April 15 note payable. 13 Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. 21 Paid the...
Please help its a 5 part question and i dont know what to do Chapter 09...
Please help its a 5 part question and i dont know what to do
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...
Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A 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 2016 and 2017.
2016
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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Punjab Company borrowed $100,000 on October 5, 2019 by issuing a note payable for 150 days...
Punjab Company borrowed $100,000 on October 5, 2019 by issuing a note payable for 150 days at 10%. Acme has a calendar year end and does not make reversing entries. REQUIRED: Prepare the following journal entries: 1. The issuance of the note on October 5, 2019 2. Adjusting entry on December 31, 2019 3. The payment of the note on __________?
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a 90-day, 9% note payable. 2. On September 15, a company borrowed $75,000 from its bank by signing a 60-day, 6% note payable. Determine the maturity date for each note. 1. Prepare journal entries to record the issuance of the notes payable. 2. Prepare journal entries to record the payment of the notes at maturity. Show your work. 1. Issuance Date Account Debit Credit 2....
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. 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, 8%, $35,000 note payable along with paying $500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11%, $63,000...
Required information Problem 11-1A 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 Year 1 Apr. 20 Purchased 538,500 of merchandise on credit from Locust, teras n/30. May 19 Replaced the April 20 account payable to Locust with a 90 day, 8%, $35,000 note payable along with paying $3,500 in cash. July 3 Borrowed 554,000 cash from NBR Bank by signing a...
Problem 11-1A 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 2016 and 2017.
2016
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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Problem 11-1A 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 2016 and 2017.
2016
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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
XI Required information 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. Year 1 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms n/30. 19 Replaced the April 20 account payable to Locust with a 90-day, 98, $35,000 note payable along with paying $4, 000 in cash. May July 8 Borrowed $57,000 cash from NBR Bank by signing...
Journal Entries for Accounts Payable and Notes Payable Geary Company had the following P10-1B. transactions: Apr. 15 Issued a $6,000, 60-day, eight percent note payable in payment of an account with Marion Company. 22 Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. 14 Paid Marion Company the principal and interest due on the April 15 note payable. 13 Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. 21 Paid the...
Please help its a 5 part question and i dont know what to do
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...
Problem 11-1A 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 2016 and 2017.
2016
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 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
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