Service

Chat Now

Tyrell Co. entered into the following transactions involving short-term liabilities in 201

Tyrell Co. entered into the following transactions involving short-term liabilities in 201

 I have attached the question below.

Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015.

   

2014  
Apr. 20  

Purchased $37,500 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 7% annual interest along with paying $2,500 in cash.

July 8  

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 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, 7% 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.

   

2015
__?__   Paid the amount due on the note to Fargo Bank at the maturity date.

rev: 10_30_2015_QC_CS-31595

 
Roshan kumar 10-Nov-2017

Answer (UnSolved)

question Get solution