Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2017 Jan. 9 Purchased computer equipment at a cost of $13,000, signing a six-month, 6% note payable for that amount. 29 Recorded the week's sales

image text in transcribedimage text in transcribed

2017 Jan. 9 Purchased computer equipment at a cost of $13,000, signing a six-month, 6% note payable for that amount. 29 Recorded the week's sales of $61,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 6% note, plus interest, at maturity. Aug. 31 Purchased merchandise inventory for $12,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Dec. 31 Accrued warranty expense, which is estimated at 3% of sales of $601,000. 31 Accrued interest on all outstanding notes payable. 2018 Feb. 28 Paid the six-month 10% note, plus interest, at maturity. Date Accounts Debit | Credit Jan. 9 Date Accounts Debit Credit Jan. 29 Date Accounts Debit Credit Feb. 5 Jul. 9, 2017:(Round your answers to the nearest whole dollar.) Date Accounts Debit Credit Jul. 9 Date Accounts | Debit Credit Aug. 31 Date Accounts Debit Credit Dec. 31 Dec. 31, 2017 (Round your answers to the nearest whole dollar.) Date Accounts Debit Credit Dec. 31 Feb. 28, 2018: (Round your answers to the nearest whole dollar.) Date Accounts Debit Credit Feb. 28

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CPAexcel Exam Review Focus Notes Auditing And Attestation 2022

Authors: Wiley

1st Edition

111984858X, 978-1119848585

More Books

Students also viewed these Accounting questions

Question

Discuss the goals of financial management.

Answered: 1 week ago