The following transactions of Plymouth Pharmacies occurred during 2017 and 2018: 2017 Purchased computer equipment at...
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The following transactions of Plymouth Pharmacies occurred during 2017 and 2018: 2017 Purchased computer equipment at a cost of $12,000, signing a six-month, 9% note payable for that amount. Jan. 9 Recorded the week's sales of $63,000, three-fourths on credit and one- fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. 29 Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 9% note, plus interest, at maturity. Purchased merchandise inventory for $9,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Aug. 31 Dec. 31 Accrued warranty expense, which is estimated at 4% of sales of $609,000. 31 Accrued interest on all outstanding notes payable. 2018 Feb. 28 Paid the six-month 10% note, plus interest, at maturity. Journalize the transactions in Plymouth's general journal. Explanations are not required. Round to the nearest dollar. The following transactions of Plymouth Pharmacies occurred during 2017 and 2018: 2017 Purchased computer equipment at a cost of $12,000, signing a six-month, 9% note payable for that amount. Jan. 9 Recorded the week's sales of $63,000, three-fourths on credit and one- fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. 29 Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 9% note, plus interest, at maturity. Purchased merchandise inventory for $9,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Aug. 31 Dec. 31 Accrued warranty expense, which is estimated at 4% of sales of $609,000. 31 Accrued interest on all outstanding notes payable. 2018 Feb. 28 Paid the six-month 10% note, plus interest, at maturity. Journalize the transactions in Plymouth's general journal. Explanations are not required. Round to the nearest dollar.
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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