Assume that the following transactions of Sleuth Book Store occurred during 2014 and 2015:
2014
Jan. 9 Purchased store fixtures at a cost of $50,000, signing an 8%, six-month note for that amount.
June 30 Borrowed $200,000 on a 9% note that calls for annual instalment payments of $50,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable.
July 9 Paid the six-month, 8% note at maturity.
Dec. 31 Accrued warranty expense, which is estimated at 3% of sales of $600,000.
31 Accrued interest on the outstanding note payable.
2015
June 30 Paid the first instalment and interest for one year on the outstanding note payable.
Requirement
Record the transactions in the company's journal. Explanations are not required.