Question: I need help with this question. Intex Co. had the following transactions related to various liabilities in the month of October. Oct. 1 Borrowed $25,000

I need help with this question.

Intex Co. had the following transactions related to various liabilities in the month of October.

Oct. 1

Borrowed $25,000 by signing a 30-day note bearing 7% interest.

Oct. 3

Sold merchandise to a customer for $1,150 in a state with a 6% sales tax.

Oct. 5

Sold merchandise to a customer for $720 in a state with a 6% sales tax.

Oct. 15

Remitted the sales taxes collected to the state for the first half of the month.

Oct. 17

Paid the balance due on a $10,000 90-day note bearing 10% interest.

Oct. 25

Sold merchandise to a customer for $1,050 in state with a 6% sales tax.

Oct. 31

Recognized the warranty cost for the month. Warranty costs for all products sold is estimated to be 1% of sales.

Required:

  1. Prepare the necessary journal entries for these transactions.

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