The following transactions of Plymouth Pharmacies occurred during 2011 and 2012: Requirement 1. Journalize the transactions in
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Requirement
1. Journalize the transactions in Plymouths general journal. Explanations are notrequired.
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2011 Purchased computer equipment at a cost of $7,000, signing a six-month, 9% note payable for that amount. Recorded the week's sales of $67,000, three-fourths on credit, and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Jan 9 29 Feb Sent the last week's sales tax to the state. 5 Borrowed $210,000 on a four-year, 8% note payable that calls for $52,500 annual installment payments plus interest. Record the current and long-term portions of the note payable in two separate accounts. Paid the six-month, 9% note, plus interest, at maturity. Purchased inventory for $6,000, signing a six-month, 11% note payable. Accrued warranty expense, which is estimated at 4% of sales of $608,000. Accrued interest on all outstanding notes payable. Make a separate interest accrual for each note payable. 28 Jul 9 Aug 31 Dec 31 31 2012 Feb 28 Paid the first installment and interest for one year on the four-year note payable. Paid off the 11% note plus interest at maturity. 29
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Req 1 Journal Entry DATE ACCOUNTS AND EXPLANATIONS DEBIT CREDIT 2011 Jan 9 Computer equipment 70...View the full answer
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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