Question
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
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