Can someone just finish this for me please Tyrell Co entered

Can someone just finish this for me please.

Tyrell Co. entered into the following transactions involving short-term liabilities in 2015 and 2016. 2015 Apr. 20 Purchased $36,000 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 $1,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $66,000. ?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 date Nov. 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $33,000. 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.

Solution

Payment made to LOCO at the maturity date

Date

General Journal

Debit

Credit

August 17 2015

Notes payable

$ 35,000.00

Interest Expenses

$        700.00

          Cash

$ 35,700.00

(paid Notes payable with Interest)

Payment made to NBR Bank at the maturity date

November 5 2015

Notes payable

$ 66,000.00

Interest Expenses

$    2,420.00

          Cash

$ 68,420.00

(paid Notes payable with Interest)

Borrowed $ 33000 cash from Fargo Bank by issuing Notes payable

November 28 2015

Cash

$ 33,000.00

          Notes Payable

$ 33,000.00

(notes payable Issued)

Adjusting entry at year end

December 31 2015

Interest Expense

$        242.00

            Interest Payable

$        242.00

(Interest for 33 days due on notes payable)

Payment made to Fargo Bank at the maturity date

Jan 27 2016

Notes payable

$ 33,000.00

Interest Expenses

$        198.00

Interest payable

$        242.00

          Cash

$ 33,440.00

(paid Notes payable with Interest)

Payment made to LOCO at the maturity date

Date

General Journal

Debit

Credit

August 17 2015

Notes payable

$ 35,000.00

Interest Expenses

$        700.00

          Cash

$ 35,700.00

(paid Notes payable with Interest)

Payment made to NBR Bank at the maturity date

November 5 2015

Notes payable

$ 66,000.00

Interest Expenses

$    2,420.00

          Cash

$ 68,420.00

(paid Notes payable with Interest)

Borrowed $ 33000 cash from Fargo Bank by issuing Notes payable

November 28 2015

Cash

$ 33,000.00

          Notes Payable

$ 33,000.00

(notes payable Issued)

Adjusting entry at year end

December 31 2015

Interest Expense

$        242.00

            Interest Payable

$        242.00

(Interest for 33 days due on notes payable)

Payment made to Fargo Bank at the maturity date

Jan 27 2016

Notes payable

$ 33,000.00

Interest Expenses

$        198.00

Interest payable

$        242.00

          Cash

$ 33,440.00

(paid Notes payable with Interest)

Can someone just finish this for me please. Tyrell Co. entered into the following transactions involving short-term liabilities in 2015 and 2016. 2015 Apr. 20 P
Can someone just finish this for me please. Tyrell Co. entered into the following transactions involving short-term liabilities in 2015 and 2016. 2015 Apr. 20 P
Can someone just finish this for me please. Tyrell Co. entered into the following transactions involving short-term liabilities in 2015 and 2016. 2015 Apr. 20 P

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