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Journalize the transactions in general journal. Explanations are not required. 2015 Jan. 9 Purchased computer equipment at a cost of $6,000, signing a six-month, 8%
Journalize the transactions in general journal. Explanations are not required.
2015 Jan. 9 Purchased computer equipment at a cost of $6,000, signing a six-month, 8% note payable for that amount. 29 Recorded the week's sales of $60,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 8% note, plus interest, at maturity. Aug. 31 Purchased merchandise inventory for $12,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Dec. 31 Accrued warranty expense, which is estimated at 4% of sales of $608,000. 31 Accrued interest on all outstanding notes payable 2016 Feb. 29 Paid the six-month 10% note, plus interest, at maturityStep by Step Solution
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