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Question 1: METU Company had the following selected transactions: Feb. 1 Signs a $40,000, 6-month, 8%-interest-bearing note payable to IS Bank and receives $40,000 in
Question 1: METU Company had the following selected transactions:
Feb. 1 Signs a $40,000, 6-month, 8%-interest-bearing note payable to IS Bank and receives $40,000 in cash.
10 Cash register sales total $43,200, which includes an 8% sales tax.
28 Some sales were made under warranty. Of the units sold under warranty, 220 are expected to become defective. Repair costs are estimated to be $30 per unit.
Instructions: Journalize the February transactions
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