Purchased $35,500 of merchandise on credit from Locust, terms are 1/10, n/30. Tyrell uses the perpetual inventory system.
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.
Borrowed $54,000 cash from National Bank by signing a 120-day, 11% interest-bearing note with a face value of $54,000.
Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $33,000.
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