lems Help Save & Exit Chec 0 Required information (The following information app
ID: 2509016 • Letter: L
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lems Help Save & Exit Chec 0 Required information (The following information applies to the questions displayed below Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $40,000 of merchandise on credit from Locust, terma n/30. Tyrell usen the perpetual May 19 Replaced the AP5? 20 account payable toLoeust with a 90-day, S35.000 note bearing 9t annual July 8 Borrowed $51,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face inventory system interest along With paying $s,000 in eash. value of $51,000 7Paid the anount due on the note to Locust at the naturity date. Nov. 28 Borroved $27,000 cash from Fargo Bank by signing a 60-day, 9 interest-bearing note vith a face Dec. 31 Recorded an adjusting entry for accrued interest on the note to Targo Bank 2017 value of $27,000 Paid the anount due on the note to Pargo Bank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described. Bank Maturity date Prev 5 of 13Next >Explanation / Answer
Locust NBR Bank Fargo Bank ans Maturity Date 17-Aug 5-Nov 27-Jan Calculation date of Note 19th May 8th July Nov 28th Period of Note 90 120 60 days Date of Maturity 17-Aug 5-Nov 27-Jan days calculation 12+30+31+17 23+31+30+31+5 2+31+27
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