Tyrell Co entered into the following transactions involving short-term liabiliti

Question

Tyrell Co entered into the following transactions involving short-term liabilities in 2015 and 2016. 2015 Apr. 20 Purchased $38,500 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 8% annual interest along with paying $3.500 in cash. July 8 $54,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $54,000. ? 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 dete Nov 28 Borrowed S24000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $24,000. 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: 1. Determine the maturity date for each of the three notes described

Explanation / Answer

LOCO NBR bank Fargo Maturity date Aug-17 Nov-05 Jan-27

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