Sales tax payable (Learning Objective 2) 5–10 min.

Make journal entries to record the following transactions. Explanations are not required.

May 31 Jun 6 Recorded cash sales of $630,000 for the month, plus sales tax of 7% collected for the state of Mississippi. Ignore cost of goods sold.

Sent May sales tax to the state.

E9-28B. Accounting for notes payable (Learning Objective 2) 5–10 min.

Record the following note payable transactions of Conway, Corp., in the company’s journal. Explanations are not required.

2014 Feb 1 Dec 31 2015 Feb 1 Purchased equipment costing $55,000 by issuing a one-year, 6% note payable.

Accrued interest on the note payable.

Paid the note payable at maturity.

AppendixLO1