Uses the perpetual inventory system

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Tyrell Co. entered into the following transactions involving short-term liabilities in 2012 and 2013. 2012 Apr. 20 Purchased $37,000 of merchandise on credit from Locust, terms are 1/10, 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 $2,000 in cash. July 8 Borrowed $54,000 cash from National Bank by signing a 120-day, 10% 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 National Bank at the maturity date. Nov. 28 Borrowed $21,000 cash from Fargo Bank by signing a 60-day, 7% 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. 2013 __?__ Paid the amount due on the note to Fargo Bank at the maturity date. Determine the maturity date for each of the three notes described. Locust National Bank Fargo Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) Principal * Rate * Time = Interest.

Reference no: EM131202299

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Uses the perpetual inventory system : Tyrell Co. entered into the following transactions involving short-term liabilities in 2012 and 2013. 2012 Apr. 20 Purchased $37,000 of merchandise on credit from Locust, terms are 1/10, n/30. Tyrell uses the perpetual inventory system.

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