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Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 12%, $69,000 note payable. 7 Paid the amount due on the note to Locust at the maturity date. note to NBR Bank at the maturity date. Paid the amount due on the November 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 12%, $69,000 note payable. 7 Paid the amount due on the note to Locust at the maturity date. note to NBR Bank at the maturity date. Paid the amount due on the November 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.1APR: Liability transactions The following items were selected from among the transactions completed by...
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Please Make All Relevant Journal Entries Related To Above Transactions

Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 12%, $69,000 note payable. Paid the amount due on the note to Locust at the maturity date. 7Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 ?Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 5 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list
Transcribed Image Text:Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 12%, $69,000 note payable. Paid the amount due on the note to Locust at the maturity date. 7Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 ?Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 5 5. Prepare journal entries for all the preceding transactions and events. (Do not round your intermediate calculations.) View transaction list
View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date General Journal Debit April 20 Record entry Clear entry Credit View general journal
Transcribed Image Text:View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date General Journal Debit April 20 Record entry Clear entry Credit View general journal
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