The following transactions of London Manufacturing occurred during 2024 and 2025: Journalize the transactions in London Manufacturings
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The following transactions of London Manufacturing occurred during 2024 and 2025:
Journalize the transactions in London Manufacturing’s general journal. Explanations are not required.
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2024 Jan. 9 29 Feb. 5 Jul. 9 Aug. 31 Dec. 31 31 2025 Feb. 28 Purchased computer equipment at a cost of $7,000, signing a six-month, 9% note payable for that amount. Recorded the week's sales of $67,000, three-fourths on credit and one- fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Sent the last week's sales tax to the state. Paid the six-month, 9% note, plus interest, at maturity. Purchased merchandise inventory for $6,000, signing a six-month, 11% note payable. The company uses a perpetual inventory system. Accrued warranty expense, which is estimated at 4% of sales of $608,000. Accrued interest on all outstanding notes payable. Paid the six-month 11% note, plus interest, at maturity.
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