Question

The following transactions of Houston Pharmacies occurred during 2015 and 2016:
2015
Jan. 9 Purchased computer equipment at a cost of $13,000, signing a six-month, 9% note payable for that amount.
29 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.
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 $6,000, signing a six-month, 10% note payable.
The company uses the perpetual inventory system.
Dec. 31 Accrued warranty expense, which is estimated at 3% of sales of $601,000.
31 Accrued interest on all outstanding notes payable.
2016
Feb. 29 Paid the six-month 10% note, plus interest, at maturity.
Journalize the transactions in Houston’s general journal. Explanations are not required.


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  • CreatedJune 15, 2015
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