Problem 9-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities in 2012 and 2013. 2012 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms are 1/10, 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 National Bank by signing a 120-day, 9% interest-bearing note with a face value of $80,000. ___?___ Paid the amount due on the note to Locust at the maturity date. ___?___ Paid the amount due on the note to National Bank at the maturity date. Nov. 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $42,000. 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. References Section BreakProblem 9-1A Short-term notes payable transactions and entries LO P1 1.value: 1.78 pointsRequired information Problem 9-1A Part 1 Required: 1. Determine the maturity date for each of the three notes described. ReferenceseBook & Resources WorksheetDifficulty: 3 Hard Problem 9-1A Part 1Learning Objective: 09-P1 Prepare entries to account for short-term notes payable. 2.value: 1.78 pointsRequired information Problem 9-1A Part 2 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) ReferenceseBook & Resources Expanded tableDifficulty: 3 Hard Problem 9-1A Part 2Learning Objective: 09-P1 Prepare entries to account for short-term notes payable. 3.value: 1.78 pointsRequired information Problem 9-1A Part 3 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2012. (Do not round your intermediate calculations. Use 360 days a year.) ReferenceseBook & Resources Expanded tableDifficulty: 3 Hard Problem 9-1A Part 3Learning Objective: 09-P1 Prepare entries to account for short-term notes payable. 4.value: 1.78 pointsRequired information Problem 9-1A Part 4 4. Determine the interest expense to be recorded in 2013. (Do not round your intermediate calculations. Use 360 days a year.) ReferenceseBook & Resources Expanded tableDifficulty: 3 Hard Problem 9-1A Part 4Learning Objective: 09-P1 Prepare entries to account for short-term notes payable. 5.value: 1.78 pointsRequired information Problem 9-1A Part 5 5.1 Prepare journal entries for all the preceding transactions and events for years 2012. 5.2 Prepare journal entries for all the preceding transactions and events for years 2013.