More Info -X mwing ck the ement ord th lanatic y jour Purcha Apr 2018 Feb 3 Purchased equipment for $15,000, signing a six-month, 8% note payable. 28 Recorded the week's sales of $63,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold. Mar 7 Sent last week's sales tax to the state. 30 Borrowed $240,000 on a four-year, 8% note payable that calls for annual payment of interest each April 30 Aug 3 Paid the six-month, 8% note at maturity. Nov 30 Purchased inventory at a cost of $3,000, signing a three-month, 12% note payable for that amount Dec 31 Accrued warranty expense, which is estimated at 3.0% of total sales of $600,000 31 Accrued interest on all outstanding notes payable. Accrued interest for each note separately Date 3,201 2019 CL Duda e from Print Done The following transactions of Philadelphia Marine Supply occurred during 2018 and 2019: Click the icon to view the transactions.) Requirement 1. Record the transactions in the company's journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest whole dollar) Begin by journalizing the 2018 transactions, starting with the purchase of equipment on February 3. Feb 3: Purchased equipment for $15,000, signing a six-month, 8% note payable. Journal Entry Date Accounts Debit Credit Feb 3, 2018 1. Record the transactions in the company's journal . Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest whole dollar) Feb 28: Recorded the week's sales of $63,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Feb 28, 2018 Mar 7: Sent last week's sales tax to the state. Journal Entry Date Accounts Debit Credit Mar 7, 2018 Apr 30: Borrowed $240,000 on a four-year, 8% note payable that calls for annual payment of interest each April 30. Journal Entry Accounts Debit Date Credit Apr 30, 2018 to Aug 3: Paid the six-month, 8% note at maturity. Journal Entry Date Accounts Debit Credit Aug 3, 2018 Nov 30: Purchased inventory at a cost of $3,000, signing a three-month, 12% note payable for that amount. Journal Entry Date Accounts Debit Credit Nov 30, 2018 Dec 31: Accrued warranty expense, which is estimated at 3.0% of total sales of $600,000. Journal Entry Accounts Date Debit Credit Dec 31, 2018 Dec 31: Accrued interest on all outstanding notes payable. Accrued interest for each note separately. Start by accruing interest on the $240,000, four-year, 8% note from April 30. Journal Entry Accounts Debit Date Credit Dec 31, 2018 Now accrue interest at December 31 on the $3,000, three-month, 12% note from November 30. Journal Entry Accounts Debit Date Credit Dec 31, 2018 Next, record the 2019 transactions, beginning with repayment of the 12% inventory note. Feb 28: Paid off the 12% inventory note, plus interest, at maturity Journal Entry Date Accounts Debit Credit Feb 28, 2019 Apr 30: Paid the interest for one year on the long-term note payable. Journal Entry Date Accounts Debit Credit Apr 30, 2019
