Question

Required information l T he following information applies to the questions aisplayea below.J Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $39,500 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 $4,500 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120.- day, 12% interest-bearing note with a face value of $69,000 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 $24,000 cash from Fargo Bank by signing a 60- day, 6% interest-bearing note with a face value of $24,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 Paid the amountdue 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 May 19, 2016 July 8, 2016 ov. 28, 2016

Answer 1

Sr. No.	Borrowing Date	No. of Days	Maturity Date
1	19-May-16	90	16-Aug-16
2	08-Jul-16	120	04-Nov-16
3	28-Nov-16	60	26-Jan-17

Calculation Details
	May	June	July	August	Sept	Oct	Nov	Dec.	Jan	Total
1	13	30	31	16						90
2			24	31	30	31	4			120
3							3	31	26	60