Please show all work and explanations. Thank you. Warren Plastic, LLC complete these transactions in year...

Please show all work and explanations. Thank you.

Warren Plastic, LLC complete these transactions in year 1 and year 2. Give general journal entries for them.

date yr
2/17 1 Purchased equipment for 47,000, signed a 3 month note, 9.25%.

2/28 1 Recorded the month's sales of 205,000, one-third cash, two-third's credit.
Sales tax rate is 5.1%

3/20 1 Sent Feb. sales tax to the state.

5/17 1 paid off the note dated 2-17-yr 1

5/31 1 Borrowed $185,000 on a long-term note, 7.65% note payable
Annual interest is to be paid each year on 5-30, starting yr. 2.

9/30 1 bought inventory at a cost of 26,300. Signed a 5 month 5.5% note.

12/31 1 Accrued warranty expense, estimated at 1.75% of 625,000 of sales

12/31 1 Accrued Interest on ALL outstanding notes.

2/28 2 Paid off the inventory note at maturity, including interest.

5/30 2 Paid the annual interest on the 185,000 note.

Expert Solution

ekkarill92 answered 1 year ago

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