Question: Hello, this is one question, please explain how youre getting the numbers as well, I dont understand! The following transactions of Seattle Marine Supply occurred




The following transactions of Seattle Marine Supply occurred during 2018 and 2019. (i) (Click the icon to view the transactions ) Requirement Begin by journalicing the 2018 transactions, starfing with the purchase of equipment on February 3 Feb 3: Purchased equipment for $11,000, signing a skemonth, 12% note payable, Aug 3: Paid the six-month, 12% note at maturity. Dec 31: Accrued warranty expense, which is estimated at 6.0% of total sales of $600,000. Dec 31: Accrued interest on all outstanding notes payable. Accrued interest for each note separately Start by accruing interest on the $200,000, four-year, 12% note from April 30 . Next, record the 2019 transactions, beginning with repayment of the 6% inventory note. Feb 28: Paid off the 6% inventory note, plus interest, at maturity. More info
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