CK P11 - Student Name Cassidy Kottke Class Morning Problem...

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Student Name: Cassidy Kottke Class: Morning Problem 11-01A TYRELL CO. Schedule National Fargo Locust Bank Bank 1. Maturity dates: Date of the note May 19 Jul 8 Nov 28 Term of the note (in days) 90 120 60 Maturity date Aug 17 Nov 5 Jan 27 Try again! Try again! Try again! 2. Interest due at maturity: Principal of the note $35,000 $80,000 $42,000 Annual interest rate 10% 9% 8% Fraction of year 1/ 4 1/ 3 1/ 6 Interest expense $875 $2,400 $560 Correct! Correct! Correct! 3. Accrued interest on Fargo note at end of 2012: Total interest for note $560 Fraction of term in 2012 1 Accrued interest expense $308 Correct! 4. Interest on Fargo note for 2013: Total interest for note $560 Fraction of term in 2013 0 Interest expense in 2013 $252 Correct! TYRELL CO. General Journal Date Account Titles Debit Credit 2012 Apr 20 Merchandise Inventory 40,250 Accounts Payable - Locust 40,250 «- Correct! Purchased merchandise on credit. May 19 Accounts Payable - Locust 40,250 Cash 5,250 «- Correct! Notes Payable - Locust 35,000 «- Correct! Paid $5,250 cash and gave a 90-day, 10% note to extend due date on account. Jul 8 Cash 80,000 Notes Payable - National 80,000 «- Correct! Borrowed cash with a 120-day, 9% note. Aug 17 Interest Expense 875 Notes Payable - Locust 35,000
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Student Name: Cassidy Kottke Class: Morning Problem 11-01A Cash 35,875 «- Correct!
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