7-29

accounting records 7-4 Problem 7-29 Current liabilities The following selected transactions were taken from the books of Ripley Company for 2018: l. On February 1,2018, borrowed $70,000 cash from the local bank. The note had a 6 percent i e 2018 ntere rate and was due on June 1, 2018. 2. Cash sales for the year amounted to $240,000 plus sales tax at the rate of 7 percent