Tyrell Co. entered into the following transactions involving short-term liabilit

Question

Tyrell Co. entered into the following transactions involving short-term liabilities in 2015 and 2016. 2015 Apr. 20 Purchased $39,500 of merchandise on credit from Loco, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Loco with a 90-day, $35,000 note bearing 9% annual interest along with paying $4,500 in cash July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11% interest- bearing note with a face value of $69,000. ? Paid the amount due on the note to Loco at the maturity date. ?Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $21,000 cash from Fargo Bank by signing a 60-day, 8% interest- bearing note with a face value of $21,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2016 Paid the amount due on the note to Fargo Bank at the maturity date Required information 15.00 points Required: 1. Determine the maturity date for each of the three notes described. Loco NBR Bank Fargo Maturity date

Explanation / Answer

1.

2.

Loco NBR Bank Fargo Maturity date Aug. 17, 2015 Nov. 5, 2015 Jan. 27, 2016

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.