Question

Journalize the following

Jan 9: purchased computer equipment at a cost of 16,000 signing a six month &% note payable for that month

Jan 29: record the weeks sales of 60,000 three fourths on credit and one fourth for cash. sales ammounts are subjected to a 6% state sales tax. ignore cost of goods sold.

Feb 5: sent the last weeks sales tax to the state

jul 9: paid the six month 7% note plus interest

Aug 31: purchased merchandise inventory for 12000 signing a six month 11% note payable. The company used te perpetual system

dec 31 accured warranty expense which is estimated at 3% of sales 607,000

dec 31accured interest on all outstanding notes payable

feb 28 paid the six month 11% note plus interest maturity

Answer 1

Journal Entry
Date	Particulars	Dr. Amt.	Cr. Amt.
9-Jan	Equipment	16,000.00
	Note Payable		16,000.00
	(To record the purchase of computer equiment)
29-Jan	Cash	15,900.00		$63,600 x 1/4
	Accounts Receivable	47,700.00		$63,600 x 3/4
	Sales		60,000.00
	State Sales Tax Payable		3,600.00	$60,000 x 6%
	(To record the sales revenue)
5-Feb	State Sales Tax Payable	3,600.00
	Cash		3,600.00
	(To record the cash paid)
9-Jul	Notes Payable	16,000.00
	Interest Expense	560.00		$16,000 X 7% X 6/12
	Cash		16,560.00
	(To record the note paid)
31-Aug	Merchandise Inventory	12,000.00
	Notes Payable		12,000.00
	(To record the purchase of inventory)
31-Dec	Warranty Expenses	18,210.00		$607,000 X 3%
	Warranty Payable		18,210.00
	(To record the warranty expenses)
31-Dec	Interest Expense	440.00		$12,000 X 11% X 4/12
	Interest Payable		440.00
	(To record the interest accrued on note)
28-Feb	Notes Payable	12,000.00
	Interest Expense	220.00		$12,000 X 11% X 2/12
	Interest Payable	440.00
	Cash		12,660.00
	(To record the note paid)