Business, 27.07.2020 01:01 dwilburn01

Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying $1,500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11%, $66,000 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 $36,000 cash from Fargo Bank by signing a 60-day, 9%, $36,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 ? 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. Year 1 Apr. 20...

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