Question
The following transactions of Brewton Pharmacies occurred during 2017 and 2018: Journalize the transactions in Brewton's general journal. Explanations are not required. Round to the
The following transactions of Brewton Pharmacies occurred during 2017 and 2018: Journalize the transactions in Brewton's general journal. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 9, 2017: Purchased computer equipment at a cost of $ 13,000, signing a six-month, 7% note payable for that amount. Date Accounts Debit Credit Jan. 9 Jan. 29, 2017: Recorded the week's sales of $ 68,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Date Accounts Debit Credit Jan. 29 Feb. 5, 2017: Sent the last week's sales tax to the state. Date Accounts Debit Credit Feb. 5 Jul. 9, 2017: Paid the six-month, 7% note, plus interest, at maturity. (Round your answers to the nearest whole dollar.) Date Accounts Debit Credit Jul. 9 Aug. 31, 2017: Purchased merchandise inventory for $ 12,000, signing a six-month, 9% note payable. The company uses the perpetual inventory system. Date Accounts Debit Credit Aug. 31 Dec. 31, 2017: Accrued warranty expense, which is estimated at 4% of sales of $ 608,000. Date Accounts Debit Credit Dec. 31 Dec. 31, 2017: Accrued interest on all outstanding notes payable. (Round your answers to the nearest whole dollar.) Date Accounts Debit Credit Dec. 31 Feb. 28, 2018: Paid the six-month 9% note, plus interest, at maturity. (Round your answers to the nearest whole dollar.) Date Accounts Debit Credit Feb. 28
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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