For "accountsguru" only

problem_11_1a.xls

P11-01A

		Student Name:
		Class:
			Problem 11-01A
TYTUS CO.
Schedule
				Community	UMB
			Frier	Bank	Bank
1.	Maturity dates:
	Date of the note
	Term of the note (in days)
	Maturity date
			0	0	0
2.	Interest due at maturity:
	Principal of the note
	Annual interest rate
	Fraction of year
	Interest expense
			0	0	0
3.	Accrued interest on UMB note at end of 2010:
	Total interest for note
	Fraction of term in 2010
	Accrued interest expense
					0
4.	Interest on UMB note for 2011:
	Total interest for note
	Fraction of term in 2011
	Interest expense in 2011
					0
TYTUS CO.
General Journal
Date	Account Titles			Debit	Credit
2010.0
Apr 20	Merchandise Inventory
	Accounts Payable - Frier					0
	Purchased merchandise on credit.
May 19	Accounts Payable - Frier
	Cash					0
	Notes Payable - Frier					0
	Paid $8,500 cash and gave a 90-day, 9% note to extend due date on account.
Jul 8	Cash
	Notes Payable - Community					0
	Borrowed cash with a 120-day, 10% note.
Aug 17	Interest Expense
	Notes Payable - Frier
	Cash					0
	Paid note with interest.
Nov 5	Interest Expense
	Notes Payable - Community
	Cash					0
	Paid note with interest.
Nov 28	Cash
	Notes Payable - UMB Bank					0
	Borrowed cash with 60-day, 8% note.
Dec 31	Interest Expense
	Interest Payable					0
	Accrued interest on note payable.
2011.0
Jan 27	Interest Expense
	Notes Payable - UMB Bank
	Interest Payable
	Cash					0
	Paid note with interest.

Enter appropriate data in yellow cells. Your entries for "Maturity date" will be verified.

Enter appropriate data in yellow cells. Your entries for "Interest expense" will be verified.

Enter appropriate data in yellow cells. Your entries for "Accrued interest expense" will be verified.

Enter appropriate data in yellow cells. Your entries for "Interest expense in 2009" will be verified.

Enter appropriate data in yellow cells. Your Credit entries will be verified.

Given Data P11-01A:
TYTUS CO.
2010
Apr 20	Credit purchase from Frier	$ 38,500
May 19	Replaced Frier payable with note
	Term in days	90
	Annual interest	9%
	Cash paid	$ 8,500
	Balance of note	$ 30,000
Jul 8	Borrowed from Community Bank
	Term in days	120
	Annual interest	10.0%
	Amount of note	$ 60,000
?	Paid note to Frier at maturity	?
?	Paid note to Community Bank at maturity	?
Nov 28	Signed interest-bearing note from UMB Bank
	Term in days	60
	Annual interest	8%
	Cash borrowed	$ 21,000
	Face value	$ 21,000
Dec 31	Entered adjusting entry for interest
	accrued on note to UMB Bank	?
2011
?	Paid note to UMB Bank at maturity	?
Check figures:
(2) Frier	$ 675
(3)	$ 154
(4)	$ 126