accounting problem help. would you know how to do this?

Apr 18th, 2015
Anonymous
Category:
Business Finance
Price: $5 USD

Question description

Tyrell Co. entered into the following transactions involving short-term liabilities in 2012 and 2013.
2012
Apr. 20 

Purchased $35,500 of merchandise on credit from Locust, terms are 1/10, 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 $54,000 cash from National Bank by signing a 120-day, 11% interest-bearing note with a face value of $54,000.

__?__ Paid the amount due on the note to Locust at the maturity date.
__?__ Paid the amount due on the note to National Bank at the maturity date.
Nov. 28 

Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $33,000.

Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
2013
__?__ Paid the amount due on the note to Fargo Bank at the maturity date.


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