Transactions:

01/09/2015

Purchased computer equipment at a cost of $13,000, signing a six-month, 9% note payable for that amount.

01/29/2015

Recorded the weeks sales of $66,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold.

02/05/2015

Sent the last weeks sales tax to the state.

07/09/2015

Paid the six-month, 9% note, plus interest, at maturity.

08/31/2015

Purchased merchandise inventory for $6,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system.

12/31/2015

Accrued warranty expense, which is estimated at 3% of sales of $601,000.

12/31/2015

Accrued interest on all outstanding notes payable.

02/29/2016

Paid the six-month 10% note, plus interest, at maturity.

Problem 1 : P11-27A The following transactions of Houston Pharmacies occurred during 2015 and 2016. This question has 2 requirements. Scroll down to review the requirements and ensure you complete all requirements before submitting your work for grading. Requirements: The accounts used by Houston Pharmacies are provided in the Chart of Accounts (click on "Chart of Accounts" to view). The accounts have already been opened in the General Ledger (click on "General Ledger" to view). 1. Prepare journal entries to record the transactions of Houston Pharmacies and post the entries to the General Ledger. (Explanations are not required.) 2. Review each of the accounts in the General Ledger to see the results of posting the journal entries, including the changes in each account. Transactions: 01/09/2015 Purchased computer equipment at a cost of $13,000, signing a six-month, 9% note payable for that amount. 01/29/2015 Recorded the week's sales of $66,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. 02/05/2015 Sent the last week's sales tax to the state. 07/09/2015 Paid the six-month. 9% note, plus interest, at maturity. SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS January 1, 2015 December 31, 2015 COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL Date Account Debit Credit 01/01/2015 Merchandise Inventory - 10600 ADD Row DELETE CHECKED Rows POST TO GENERAL LEDGER CANCEL