Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started