Answered step by step
Verified Expert Solution
Question
1 Approved Answer
P11-27A (book/static) The following transactions of Houston Pharmacies occurred during 2015 and 2016: (Click the icon to view the transactions.) Journalize the transactions in Houston's
P11-27A (book/static) The following transactions of Houston Pharmacies occurred during 2015 and 2016: (Click the icon to view the transactions.) Journalize the transactions in Houston's general joumal. Explanations are not required. (Record debits first, then credits. Exclude explanation Jan. 29 52,470 Accounts Receivable Sales Revenue Sales Tax Payable 66,000 3,960 Feb. 5, 2015: Sent the last week's sales tax to the state. Date Credit Accounts and Explanation Sales Tax Payable Cash Debit 3,960 2015 Feb. 5 3,960 Jul 9, 2015: Paid the six-month, 9% note, plus interest, at maturity. (Round your answers to the nearest whole dollar.) Date Accounts and Explanation Credit 2015 Short-Term Notes Payable Jul 9 Interest Expenses Cash Choose from any list or enter any number in the input fields and then click Check Answer A parts A maining Clear All ework K 2 of 2 (2 complete) 15 and 2016: are not required. (Record debits first, then credits. Exch i More Info 2015 Jan. 9 Purchased computer equipment at a cost of $13,000, signing a six-month, 9% note payable for that amount. 29 Recorded the week's sales of $66,000, 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, 9% note, plus interest, at maturity Aug 31 Purchased merchandise inventory for $6,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Dec. 31 Accrued warranty expense, which is estimated at 3% of sales of $601,000. 31 Accrued interest on all outstanding notes payable. 2016 Feb. 29 Paid the six-month 10% note, plus interest, at maturity Print Done 3960 then click Check Answer. Clear All
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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