Required Information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO 21 [The following...
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Required Information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO 21 [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 2e Purchased $35,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,888 note payable along with paying $e in July 8 Borrowed $63,290 cash from NBR Bank by signing a 120-day, 11%, $63,eee note payable. __ Paid the amount due on the note to Locust at the maturity date. _ Paid the amount due on the note to NBR Bank at the maturity date. Nov 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, ble. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 cash. _?_ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A (Algo) Part 3 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round your Intermediate calculations. Use 360 days a year.) Year End Accrual Required For: Fargo Bank Time Principal x Rate X Interest Interest to be accrued in Year 1 x %6
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