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