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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