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##### ACC201 module 6 homework

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Question;[The following information applies to;the questions displayed below.];Tyrell;Co. entered into the following transactions involving short-term liabilities;in 2012 and 2013.;2012;Apr. 20;Purchased;\$36,500 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 7%;annual interest along with paying \$1,500 in cash.;July 8;Borrowed;\$66,000 cash from National Bank by signing a 120-day, 12% interest-bearing;note with a face value of \$66,000.;?;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;\$27,000 cash from Fargo Bank by signing a 60-day, 9% interest-bearing note;with a face value of \$27,000.;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.;references;1.;value:5.00 points;Problem 9-1A Part 1;Required;1.;Determine;the maturity date for each of the three notes described.;check my workreferencesebook;resources;2.;value:5.00 points;Problem 9-1A Part 2;2.;Determine;the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days;a year.);check my workreferencesebook;resources;3.;value:5.00 points;Problem 9-1A Part 3;3.;Determine;the interest expense to be recorded in the adjusting entry at the end of;2012. (Do not round your intermediate;calculations. Use 360 days a;year.);rev: 04_15_2014_QC_48334;check my workreferencesebook;resources;4.;value:5.00 points;Problem 9-1A Part 4;4.;Determine;the interest expense to be recorded in 2013. (Do;not round your intermediate calculations. Use 360 days a year.);rev: 04_15_2014_QC_48334;check my workreferencesebook;resources;5.;value:5.00 points;Problem 9-1A Part 5;5.1;Prepare;journal entries for all the preceding transactions and events for years 2012. (Do not round your intermediate calculations.);5.2;Prepare;journal entries for all the preceding transactions and events for years 2013. (Do not round your intermediate calculations.)

Paper#49051 | Written in 18-Jul-2015

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