Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 41

Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015.
2014
Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms are 1y10, ny30. 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.