P11-1A Tyrell co

P11-1A Tyrell co

 

TYRELL CO.
2012
Apr 20	Credit purchase from Locust	$40,250
May 19	Replaced locust payable with note
	Term in days	90
	Annual interest	10%
	Cash paid	$5,250
	Balance of note	$35,000
Jul8	Borrowed from National bank
	Term in days	120
	Annual interest	9.0%
	Amount of note	$80,000
?	Paid note to locust at maturity	?
?	Paid note to National bank at maturity	?
Nov 28	Signed interest-bearing note from Fargo Bank
	Term in days	60
	Annual interest	8%
	Cash borrowed	$42,000
	Face value	$42,000
Dec 31	Entered adjusting entry for interest	?
	Accrued on note to Fargo Bank	?
2013
?	Paid note to Fargo Bank at maturity	?
Check figures:
(2) Locust	$875
(3)	308
(4)	$252

 

TUTORIAL PREVIEW

		TYRELL CO. Schedule
		Locust	National Bank	Fargo Bank
1	Maturity dates:
	Date of the note	May19	Jul 8	Nov 28
	Term of the Note(in days)	90	120	60
	Maturity date	Aug 17	Nov 5	Jan 27
	Correct!	Correct!	Correct!	Correct!

 

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