Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions of New York Pharmacies occurred during 2023 and 2024: 1) (Click, the ioon to view the transactions.) Joumalize the transactions in New

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following transactions of New York Pharmacies occurred during 2023 and 2024: 1) (Click, the ioon to view the transactions.) Joumalize the transactions in New York's general journal. Explanations are not required. Round to the nearest dollar, (Record debiss first, then credits Emolude explanatic Feb. 5, 2023: Sent the last week's sales tax to the state. Dec. 31, 2023: Accrued warranty expense, which is estimated at 4% of sales of $610,000. Dec. 31, 2023: Accrued interest on all outstanding notes payable. (Round your answers to the Jan. 9, 2023 Jan. 29, 2023 Feb. 5, 2023 Jul. 9, 2023 Aug. 31, 2023 Dec. 31, 2023 Dec. 31, 2023 Feb. 28, 2024 Purchased computer equipment at a cost of $16,000, signing a six-month, 9% note payable for that amount. Recorded the week's sales of $69,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Sent the last week's sales tax to the state. Paid the six-month, 9% note, plus interest, at maturity. Purchased merchandise inventory for $15,000, signing a six-month, 9% note payable. The company uses the perpetual inventory system. Accrued warranty expense, which is estimated at 4% of sales of $610,000. Accrued interest on all outstanding notes payable. Paid the six-month 9% note, plus interest, at maturity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant Datar, Madhav Rajan

16th Global Edition

1292211547, 9781292211541

More Books

Students also viewed these Accounting questions

Question

18103000

Answered: 1 week ago