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.

April 20, purchased $30,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.

Dr Merchandise inventory 36,500

    Cr Accounts payable 36,500

May 19, replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $1,500 in cash.

Dr Accounts payable 38,000

    Cr Cash 1,500

    Cr Notes payable 35,000

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.

Dr Cash 66,000

    Cr Notes payable 66,000

August 17, paid the note to Locust with interest ($35,000 x 7% x 90/365)

Dr Notes payable 35,000

Dr Interest expense 604.11

    Cr Cash 35,604.11

November 5, paid the note to NBR Bank with interest ($66,000 x 11% x 120/365)

Dr Notes payable 66,000

Dr Interest expense 2,386.85

    Cr Cash 68,386.85

November 28, borrowed $36,000 cash from Fargo Bank by signing a 60-day, 9%, $36,000 note payable.

Dr Cash 36,000

    Cr Notes payable 36,000

December 31, recorded an adjusting entry for accrued interest on the note to Fargo Bank ($36,000 x 9% x 33/365 days)

Dr Interest expense 292.93

    Cr Interest payable 292.93

January 27, Year 2, paid the amount due on the note to Fargo Bank at the maturity date.

Dr Notes payable 36,000

Dr Interest payable 292.93

Dr Interest expense 239.67

    Cr Cash 36,532.60

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