| 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. |
