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Please help me complete the journal entry worksheet! The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the
Please help me complete the journal entry worksheet!
The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,500 from the issue of common stock. 2. Purchased merchandise inventory of $178,000 on account 3. Sold merchandise for $207,000 cash (not including sales tax), Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $132,000. 4. Provided a six-month warranty on the merchandise sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $157,000 of the sales. 6. On September 1. Year 1, borrowed $19,500 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2 7. Poid $5,500 for warranty repairs during the year 8. Pald operating expenses of $53,500 for the year 9. Paid $124,500 of accounts payable. 10. Recorded accrued interest on the note issued in transaction number 6. 61. Prepare the journal entries for the preceding transactions, A B c DE GH .... K Sold merchandise for $207,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Step by Step Solution
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