Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The folowing transactions of Lexington Pharmacies oocured during 2017 and 2018 (Click the icon to view the transactions) Journalize the transactions in Lexington's general joumal.

image text in transcribed

The folowing transactions of Lexington Pharmacies oocured during 2017 and 2018 (Click the icon to view the transactions) Journalize the transactions in Lexington's general joumal. Explanations are not required. Round to the nearest dolar. (Record detits first, then credits. Exclude explanations from journal entries) Jan. 9, 201 7: Purchased computer equipment at a cost of 13,000, siging a six-month, 8% note payable for that amount Date Accounts Debit Credit Jan 9 More Info 2017 Jan. 9 Purchased computer equpment at a cost of $13000, signing a six-month, 8% note payable for that amount 29 Recorded the week's sales of 365,000, three fourths on credit and one-fourth for cash Saes amounts are subject to a 6% state sales tax. Ignore cost of goods sold Feb. 5 Sent the last week's sales tax to the state. Jul Aug 31 Purchased merchandise imentory for S3.000, signing a six-month, 1 0% note payable. The 9 Paid the six-month, 8% note, plus nterest, at maturity company uses the perpetual inventory system 31 Accrued warranty expense, which is estimated at 2% of sales of 1 Accrued interest on all outstanding notes payable Dec. 600,000. 2018 Feb 28 Paid the six-month 10% note, plus interest, at maturity. Print Done

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

Patient Centered Audit

Authors: Kruse

1st Edition

0875272479, 978-0875272474

More Books

Students also viewed these Accounting questions

Question

What are data communication protocols? Why are they important?

Answered: 1 week ago