Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the following Jan 9: purchased computer equipment at a cost of 16,000 signing a six month &% note payable for that month Jan 29:

Journalize the following

Jan 9: purchased computer equipment at a cost of 16,000 signing a six month &% note payable for that month

Jan 29: record the weeks sales of 60,000 three fourths on credit and one fourth for cash. sales ammounts are subjected to a 6% state sales tax. ignore cost of goods sold.

Feb 5: sent the last weeks sales tax to the state

jul 9: paid the six month 7% note plus interest

Aug 31: purchased merchandise inventory for 12000 signing a six month 11% note payable. The company used te perpetual system

dec 31 accured warranty expense which is estimated at 3% of sales 607,000

dec 31accured interest on all outstanding notes payable

feb 28 paid the six month 11% note plus interest maturity

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

Essentials Of Corporate Fraud

Authors: Tracy L. Coenen

1st Edition

047019412X, 978-0470194126

More Books

Students also viewed these Accounting questions

Question

3. How has e-commerce transformed marketing?

Answered: 1 week ago