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Akdemir Company is engaged in producing and sales of industrial machiner. The following transactions occured during 2014 for the company. 2014 3 Feb Purchased equipment
Akdemir Company is engaged in producing and sales of industrial machiner. The following transactions occured during 2014 for the company. 2014 3 Feb Purchased equipment for 10.200,- TL(including VAT a 18%),si ning a 6- month 9% arvual interest note payable. 28 Feb Recorded the week's sales of 51.000-TL(excluding VAT), one-third for cash and two-thirds on credit.All sales amounts are subject to VAT at 18%. 26 March Filed the VAT return to the tax Office and if necessary paid required amount 30 April Borrowed 100.000,-TL. in bank loans maturing in four years, bearini: 9% annual interest.Loan agreement calls for annual installment payments of 25.000,-TL principal plus ir terest 3 Au Paid the 6-month 9% note at maturity. 14 Sep Issued a discounted 6.000,-TL, 60-day 7% note to the bank,receiving cash for the net mount after interest was deducted from the note's maturity value. 131 Nov Recorded interest on the 7% discounted note and paid off the note at maturity. . 30. Nov Purchased inventory at a cost of 7.200,-TL(including 18% VAT), signing a three- month 9% annual interest note payable for that amount. 31 Dec Accrued Warranty expense, which is estimated at 3% of sales of 260.400,-TL 31 Dec Accrued interest on all outstanding interest bearing liabilities. 31 Dee Reclassified the current portion of a long-term loan. Required: Record the transactions in the general journal
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