Journalizing liability transactions? The following transactions of denver pharmacies occurred…

Journalizing liability transactions?

The following transactions of denver pharmacies occurred during 2015 and 2016:


  Jan. 9     purchased computer equipment at a cost of $12,000, signing a six-month, 9% note

                 Payable for that amount.

       29     recorded the week’s sales of $68,000, three-fourths on credit and one-fourth for cash.

                Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold.

Feb. 5     sent the last week’s sales tax to the state.

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

Aug.31   purchased merchandise inventory for $15,000, siqninq a six-month, 9% note payable.

                The company uses the perpetual inventory system.

Dec.31   accrued warranty expense, which is estimated at 3% of sales of $610,000.

        31   accrued interest on all outstanding notes payable.


Feb. 29   paid the six-month 9% note, plus interest, at maturity.

Journalize the transactions in denver’s general journal. Explanations are not required


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