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The following transactions of S e a t t l e Pharmacies occurred during 2010 and 2011. LOADING... (Clickthe icon to view thetransactions.)Requirement1.Journalize the transactions
The following transactions ofSeattlePharmacies occurred during 2010 and 2011.LOADING...(Clickthe icon to view thetransactions.)Requirement1.Journalize the transactions inSeattle'sgeneral journal. Explanations are not required. Requirement 1.Journalize the transactions inSeattleSeattle'sgeneral journal. Explanations are not required.
2010 | ||
Jan | 9 | Purchased computer equipment at a cost of$10,000,signing asix-month,8% note payable for that amount. |
29 | Recorded theweek'ssales of$69,000,three-fourthsoncredit,andone-fourthfor cash. Sales amounts are subject to a6%state sales tax. | |
Feb | 5 | Sent the lastweek'ssales tax to the state. |
28 | Borrowed$204,000on afour-year,9% note payable that calls for$51,000annual installment payments plus interest. Record theshort-termandlong-termportions of the note payable in two separate accounts. | |
July | 9 | Paid thesix-month,8%note,plusinterest,at maturity. |
Aug | 31 | Purchased inventory for$12,000,signing asix-month,10% note payable. |
Dec | 31 | Accrued warrantyexpense,which is estimated at3%of sales of$601,000. |
31 | Accrued interest on all outstanding notes payable. Make a separate interest accrual for each note payable. | |
2011 | ||
Feb | 28 | Paid the first installment and interest for one year on thefour-yearnote payable. |
28 | Paid off the10%note plus interest at maturity. |
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