22 Jul DETERMINE THE INTEREST DUE AT MATURITY FOR EACH OF THE THREE NOTES.
2 Show more Tytus Co. entered into the following transactions involving short-term liabilities in 2012 and 2013 2012 Apr. 20 Purchased $40250 of merchandise on credit from Locust terms are 1/10 n/30. Tytus uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day $35000 note bearing 10% annual interest along with paying $5250 in cash. July 8 Borrowed $80000 cash from National Bank by signing a 120-day 9% interest-bearing note with a face value of $80000. __?__ 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 $42000 cash from Fargo Bank by signing a 60-day 8% interest-bearing note with a face value of $42000. 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. 1. Determine the maturity date for each of the three notes described. 2. Determine the interest due at maturity for each of the three notes.( Assume a 360-day year) 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2012. 4. Determine the interest expense to be recorded in 2013. 5. Prepare journal entries for all the preceding transactions and events for years 2012 and 2013. I need 1-5 answered.. Please Show less
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