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The following transactions apply to Walnut Enterprises for Year 1 , its first year of operations: Received $ 5 0 , 0 0 0 cash
The following transactions apply to Walnut Enterprises for Year its first year of operations:
Received $ cash from the issue of a shortterm note with a percent interest rate and a oneyear maturity. The note was made on April Year
Received $ cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of percent.
Paid $ cash for the other operating expenses during the year.
Paid the sales tax due on $ of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year
Recognized the accrued interest at December Year
The following transactions apply to Walnut Enterprises for Year :
Paid the balance of the sales tax due for Year
Received $ cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of percent.
Repaid the principal of the note and applicable interest on April Year
Paid $ of other operating expenses during the year.
Paid the sales tax due on $ of the service revenue. The sales tax on the balance of the revenue is not due until Year
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