Problem 9-1A Short-term notes payable transactions and entries LO P1 [The follow

ID: 2500244 • Letter: P

Question

Problem 9-1A Short-term notes payable transactions and entries LO P1

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Purchased $35,000 of merchandise on credit from Locust, terms are 1/10, n/30. Tyrell uses the perpetual inventory system.

Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $0 in cash.

Borrowed $63,000 cash from National Bank by signing a 120-day, 12% interest-bearing note with a face value of $63,000.

Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $30,000.

Tyrell Co. entered into the following transactions involving short-term liabilities in 2012 and 2013.

Problem 9-1A Short-term notes payable transactions and entries LO P1 [The follow

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