Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jan ons are xclude e Feb. 3 Purchased a machine at a cost of $365,000 plus 5 percent GST, signing a 7 percent, 180 day

image text in transcribed
image text in transcribed
Jan ons are xclude e Feb. 3 Purchased a machine at a cost of $365,000 plus 5 percent GST, signing a 7 percent, 180 day note payable for that amount. 29 Recorded the month's sales of $1,670,000 (excludes PST and GST), 90 percent on credit and 10 percent for cash. Sales amounts are subject to 8 percent PST and 5 percent GST 5 Paid January's PST and GST to the appropriate authorities. 28 Borrowed $3,200,000 on a 4 percent note payable that calls for annual instalment payments of $320,000 principal plus interest. 3 Paid the six-month, 7 percent note at maturity. 30 Purchased inventory for $150,000 plus GST, signing a six-month, 9 percent note payable 31 Accrued warranty expense, which is estimated at 5 percent of annual sales of 19.600,000 31 Accrued interest on all outstanding notes payable. Make a separate interest accrual entry for each note payable. Jul. Nov. Dec und 5 per 2020 Feb. May 28 Paid the first instalment and interest for one year on the long-term note payable 31 Paid off the 9 percent note plus interest at maturity al. U 2019 Jan. ons plus xclu Feb. 3 Purchased a machine at a cost of $365,000 plus 5 percent GST, signing a 7 percent, 180-day note payable for that amount 29 Recorded the month's sales of $1,670,000 (excludes PST and GST), 90 percent on credit and 10 percent for cash. Sales amounts are subject to 8 percent PST and 5 percent GST 5 Paid January's PST and GST to the appropriate authorities. 28 Borrowed $3,200,000 on a 4 percent note payable that calls for annual instalment payments of $320,000 principal plus interest. 3 Paid the six-month, 7 percent note at maturity. 30 Purchased inventory for $150,000 plus GST, signing a six-month, 9 percent note payable 31 Accrued warranty expense, which is estimated at 5 percent of annual sales of $9,600,000 31 Accrued interest on all outstanding notes payable. Make a separate interest accrual entry for each note payable Jul Nov. Dec und 5p (exe 2020 Feb al 28 Paid the first instalment and interest for one year on the long-term note payable Jan ons are xclude e Feb. 3 Purchased a machine at a cost of $365,000 plus 5 percent GST, signing a 7 percent, 180 day note payable for that amount. 29 Recorded the month's sales of $1,670,000 (excludes PST and GST), 90 percent on credit and 10 percent for cash. Sales amounts are subject to 8 percent PST and 5 percent GST 5 Paid January's PST and GST to the appropriate authorities. 28 Borrowed $3,200,000 on a 4 percent note payable that calls for annual instalment payments of $320,000 principal plus interest. 3 Paid the six-month, 7 percent note at maturity. 30 Purchased inventory for $150,000 plus GST, signing a six-month, 9 percent note payable 31 Accrued warranty expense, which is estimated at 5 percent of annual sales of 19.600,000 31 Accrued interest on all outstanding notes payable. Make a separate interest accrual entry for each note payable. Jul. Nov. Dec und 5 per 2020 Feb. May 28 Paid the first instalment and interest for one year on the long-term note payable 31 Paid off the 9 percent note plus interest at maturity al. U 2019 Jan. ons plus xclu Feb. 3 Purchased a machine at a cost of $365,000 plus 5 percent GST, signing a 7 percent, 180-day note payable for that amount 29 Recorded the month's sales of $1,670,000 (excludes PST and GST), 90 percent on credit and 10 percent for cash. Sales amounts are subject to 8 percent PST and 5 percent GST 5 Paid January's PST and GST to the appropriate authorities. 28 Borrowed $3,200,000 on a 4 percent note payable that calls for annual instalment payments of $320,000 principal plus interest. 3 Paid the six-month, 7 percent note at maturity. 30 Purchased inventory for $150,000 plus GST, signing a six-month, 9 percent note payable 31 Accrued warranty expense, which is estimated at 5 percent of annual sales of $9,600,000 31 Accrued interest on all outstanding notes payable. Make a separate interest accrual entry for each note payable Jul Nov. Dec und 5p (exe 2020 Feb al 28 Paid the first instalment and interest for one year on the long-term note payable

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_2

Step: 3

blur-text-image_3

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

Financial Accounting An Introduction to Concepts, Methods and Uses

Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis

14th edition

978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023

More Books

Students also viewed these Accounting questions

Question

2. Describe why we form relationships

Answered: 1 week ago

Question

5. Outline the predictable stages of most relationships

Answered: 1 week ago