Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms 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 10% annual interest along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a face value of $80,000. ___

The journal entries should be:

April 20, 2016, purchased merchandise on account from Locust:

Dr Merchandise inventory 40,250

    Cr Accounts payable 40,250

May 19, 2016, made a partial payment to Locust and issued a note payable:

Dr Accounts payable 40,250

    Cr Cash 5,250

    Cr Notes payable - Locust 35,000

July 8, 2016, borrowed $80,000 from NBR bank signing a 120 day note:

Dr Cash 80,000

    Cr Notes payable - NBR bank 80,000

August 17, 2016, paid the notes payable to Locust:

Dr Notes payable - Locust 35,000

Dr Interest expense 875 (= 35,000 x 10% x 3/12)

    Cr Cash 35,875

November 5, 2016, paid the bank loan:

Dr Notes payable - NBR bank 80,000

Dr Interest expense 2,400 (= 80,000 x 9% x 4/12)

    Cr Cash 82,400

November 28, 2016, borrowed $42,000 from Fargo bank signing a 60 day note:

Dr Cash 42,000

    Cr Notes payable - Fargo bank 42,000

December 31, 2016, recorded accrued interest owed to Fargo bank:

Dr Interest expense 308

    Cr Accrued interest payable - Fargo bank 308 (= 42,000 x 8% x 33/360)

January 27, 2017, paid the bank loan:

Dr Notes payable - Fargo bank 42,000

Dr Interest expense 252 [= (42,000 x 8% x 2/12) - 308]

Dr Interest payable - Fargo bank 308    

    Cr Cash 42,560

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2) your brainliest's expired. this means that brainliests, once they exceed the 30 day limit, expires. this is to ensure that you continue to contribute into the community at a constant rank if you want to continue to have/exceed the rank you have right now.

if you go to profile, and click "show more information" located on the bottom left of the box with your information (on top of the questions answered, questions asked, and friends), you will be given the following information (example):

member since : 02/13/2017, 18: 11

questions answered: 9741

questions asked: 162

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brainliest answers in last 30 days: 10

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~

first one

explanation: