The following transactions of Austin’s Marine Supply occurred during 2012 and 2013:

2012

Feb 3 Purchased equipment for $15,000, signing a six-month, 4% note payable.

28 Recorded the week’s sales of $60,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold.

Mar 7 Sent last week’s sales tax to the state.

Apr 30 Borrowed $210,000 on a four-year, 11% note payable that calls for annual payment of interest each April 30.

Aug 3 Paid the six-month, 4% note at maturity.

Nov 30 Purchased inventory at a cost of $3,000, signing a three-month, 8% note payable for that amount.

Dec 31 Accrued warranty expense, which is estimated at 1% of total sales of $790,000.

31 Accrued interest on all outstanding notes payable. Accrued interest for each note separately.

2013

Feb 28 Paid off the 8% inventory note, plus interest, at maturity.

Apr 30 Paid the interest for one year on the long-term note payable.

Requirement

1. Record the transactions in the company’s journal. Explanations are not required.