Required information
[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 $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 $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000. __?__ 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 $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
2017
__?__ Paid the amount due on the note to Fargo Bank at the maturity date.
5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.)
Journal entry worksheet
Transaction Index :
Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.
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.
Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000.
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.
Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.
Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Note: Enter debits before credits.
Date General Journal Debit Credit
Apr 20, 2016
Note: Enter debits before credits.
0
Date General Journal Debit Credit
May 19, 2016
Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000.
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.
Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.
Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Note: Enter debits before credits.
Date General Journal Debit Credit
Jul 08, 2016
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.
Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.
Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Note: Enter debits before credits.
Date General Journal Debit Credit
Aug 17, 2016
Paid the amount due on the note to NBR Bank at the maturity date.
Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.
Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Note: Enter debits before credits.
0
Date General Journal Debit Credit
Nov 05, 2016
Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.
Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Note: Enter debits before credits.
0
Date General Journal Debit Credit
Nov 28, 2016
Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Note: Enter debits before credits.
0
Date General Journal Debit Credit
Dec 31, 2016
Required information
[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 $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 $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000. | ||
| __?__ | 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 $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000. | ||
| Dec. | 31 | Recorded an adjusting entry for accrued interest on the note to Fargo Bank. | ||
2017
| __?__ | Paid the amount due on the note to Fargo Bank at the maturity date. |
5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.)
Journal entry worksheet
Transaction Index :
Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.
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.
Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000.
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.
Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000.
Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Note: Enter debits before credits.
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Note: Enter debits before credits.
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Borrowed $63,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $63,000. 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. Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $36,000. Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits.
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NEED ALL 5 PARTS thanks..
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 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 $60,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $60,000. | ||
| __?__ | 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 $27,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $27,000. | ||
| Dec. | 31 | Recorded an adjusting entry for accrued interest on the note to Fargo Bank. | ||
2017
| __?__ | Paid the amount due on the note to Fargo Bank at the maturity date. |
Problem 11-1A Part 1
Required:
1. Determine the maturity date for each of the three notes described.
Problem 11-1A Part 2
2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.)
Problem 11-1A Part 3
3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round your intermediate calculations. Use 360 days a year.)
Problem 11-1A Part 4
4. Determine the interest expense to be recorded in 2017. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.)
Problem 11-1A Part 5
5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.)
I need helps with numbers 4 & 5. Questions 1-3 I havealready completed and prvoded below.
[The following information applies to the questionsdisplayed below.]
Tyrell Co. entered into the following transactions involvingshort-term liabilities in 2014 and 2015. |
| 2014 | |
| Apr.20 | Purchased $35,500 of merchandise on credit from Locust, termsare 1/10, n/30. Tyrell uses the perpetual inventory system. |
| May19 | Replaced the April 20 account payable to Locust with a 90-day,$35,000 note bearing 7% annual interest along with paying $500 incash. |
| July8 | Borrowed $63,000 cash from National Bank by signing a 120-day,12% interest-bearing note with a face value of $63,000. |
| __?__ | Paid the amountdue on the note to Locust at the maturity date. |
| __?__ | Paid the amountdue on the note to National Bank at the maturity date. |
| Nov.28 | Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 8%interest-bearing note with a face value of $27,000. |
| Dec.31 | Recorded anadjusting entry for accrued interest on the note to FargoBank. |
| 2015 |
| __?__ | Paid the amountdue on the note to Fargo Bank at the maturity date. |
1. Determine the maturity date for each of thethree notes described.
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2. Determine the interest due at maturity foreach of the three notes. (Do not round your intermediatecalculations. Use 360 days a year.)
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4. Determine the interest expense to berecorded in 2015. (Do not round intermediate calculationsand round your final answers to nearest whole dollar. Use 360 daysa year.) Fill in the blanks.
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5. Prepare journal entries for all thepreceding transactions and events for years 2014. (Do notround your intermediate calculations.)
