Business, 09.07.2019 21:20 coolkason

Tyrell co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 apr. 20 purchased $39,500 of merchandise on credit from locust, terms n/30. tyrell uses the perpetual inventory system. may 19 replaced the april 20 account payable to locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $4,500 in cash. july 8 borrowed $66,000 cash from nbr bank by signing a 120-day, 10% interest-bearing note with a face value of $66,000. 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 $21,000 cash from fargo bank by signing a 60-day, 6% 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. 2017 paid the amount due on the note to fargo bank at the maturity date.

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Tyrell co. entered into the following transactions involving short-term liabilities in 2016 and 2017...

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