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Determine the maturity date

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Tytus Co. entered into the following transactions involving short-term liabilities in 2010 and 2011.;2010;Apr. 20;Purchased $38,500 of merchandise on credit from Frier, terms are 1/10, n/30. Tytus uses the perpetual inventory system.;May 19;Replaced the April 20 account payable to Frier with a 90-day, $30,000 note bearing 8% annual interest along with paying $8,500 in cash.;July 8;Borrowed $66,000 cash from Community Bank by signing a 120-day, 11% interest-bearing note with a face value of $66,000.;?;Paid the amount due on the note to Frier at the maturity date.;?;Paid the amount due on the note to Community Bank at the maturity date.;Nov. 28;Borrowed $33,000 cash from UMB Bank by signing a 60-day, 6% interest-bearing note with a face value of $33,000.;Dec. 31;Recorded an adjusting entry for accrued interest on the note to UMB Bank.;2011;?;Paid the amount due on the note to UMB Bank at the maturity date.;1.;value;15.00 points;Required;1.;Determine the maturity date for each of the three notes described.;Frier;Com. Bank;UMB;Maturity date;(Click to select)July 8Nov. 28Aug. 17Aug. 16Jan. 27Nov. 5May 19;(Click to select)Aug. 17Nov. 7July 8Jan. 27Nov. 28Nov. 5May 19;(Click to select)Jan. 28Aug. 17May 19Nov. 5Jan. 27July 8Nov. 28;Worksheet;Difficulty: Hard;Learning Objective: 09-P1 Prepare entries to account for short term notes payable.;2.;value;15.00 points;2.;Determine the interest due at maturity for each of the three notes. (Use 360 days a year. Do not round your intermediate calculations. Omit the "$" sign in your response.);Frier;Com. Bank;UMB;Interest due at maturity;$;$;$

 

Paper#81666 | Written in 18-Jul-2015

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