Tyrell Co entered into the following transactions involving

Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 28 Purchased $38,500 of merchandise on credit from Locust, terms n/3. Tyrell uses the perpetual inventory system. Hay 19 Replaced the April 2e account payable to Locust with a 90-day, $35,800 note bearing 9% annual interest along r 5 with paying $3,580 in cash July 8 Borrowed $54,000 cash from NBR Bank by signing 120-day, 1ex interest-bearing note with a face value of $54,000 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 $30,000 cash from Fargo Bank by signing a 60-day, 75 interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 $30,800 ? Paid the amount due on the note to Fargo Bank at the maturity date. termine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) Principal RatexTime Locust NBR Bank Fargo Bank Prey 2 3 45 of 5 Next ere to search SAMSUNG

Solution

Determine the interest matrity for each of the three notes Principal X Rate % X Time =   Interest Locust 35000 X 9 % X 90/360 =   788 National Bank 54000 X 10 % X 120/360 =   1800 Fargo Bank 30000 X 7 % X 60/360 =   350