Q. Required: Record the transactions as journal entries; The following transactions of Australian Pharmacy occurred during 2022

Q. Required: Record the transactions as journal entries;

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The following transactions of Australian Pharmacy occurred during 2022 and 2023. 2022 Feb Purchased computer equipment for $13 000, signing a six-month, 9% bill payable. 3 28 Recorded the week s sales of $66 000, one-third for cash and two-thirds on credit. Apr Borrowed $100 000 on a four-year, 9% loan that calls for annual payments of interest each 30 30 April. Aug Paid the six-month, 9% bill at maturity. 3 Nov Purchased inventory at a cost of $7 000, signing a three-month, 6% bill payable for that 30 amount. Dec Accrued warranty expense, which is estimated at 3% of sales of $300 000. 31 31 Accrued interest on all outstanding bills and loans payable. Make a separate interest accrual entry for each amount payable. 2023 Feb Paid off the 6% inventory bill, plus interest, at maturity. 28 Apr Paid the interest for one year on the long-term loan payable. 30 The following transactions of Australian Pharmacy occurred during 2022 and 2023. 2022 Feb Purchased computer equipment for $13 000, signing a six-month, 9% bill payable. 3 28 Recorded the week s sales of $66 000, one-third for cash and two-thirds on credit. Apr Borrowed $100 000 on a four-year, 9% loan that calls for annual payments of interest each 30 30 April. Aug Paid the six-month, 9% bill at maturity. 3 Nov Purchased inventory at a cost of $7 000, signing a three-month, 6% bill payable for that 30 amount. Dec Accrued warranty expense, which is estimated at 3% of sales of $300 000. 31 31 Accrued interest on all outstanding bills and loans payable. Make a separate interest accrual entry for each amount payable. 2023 Feb Paid off the 6% inventory bill, plus interest, at maturity. 28 Apr Paid the interest for one year on the long-term loan payable. 30

Answer rating: 100% (QA)

Journal Entries Date General Journal Debit Credit 2022 13000 Feb03 Computer Equipment 9 Bills Payabl... View the full answer