Reference no: EM132937245

Tyrell Co. entered into the following transactions involving short-term liabilities.

Year 1

Apr. 20 Purchased $37,000 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 $2,000 in cash.

July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 10%, $63,000 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 $21,000 cash from Fargo Bank by signing a 60-day, 7%, $21,000 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.

Question 1: Prepare journal entries for all the preceding transactions and events.