2017 Jan. 9 Purcliased computer equipment at a cost of $7,000, signing a six-month, 8% note payable for that amount. 29 Recorded the week's sales of $68,000, three-fourths on credit and one- fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 8% note, plus interest, at raturity. Purchased merchandise inventory for $3,000, signing a six-month, 10% note payable. The company uses a perpetual inventory system. Aug. 31 Dec. 31 Arcrued warranty expense, which is estimated at 2% of sales of $G09,090. Accrued interest on all outstanding notes payable. 31 2018 Feb. 28 Paid the six-month 10% note, plus interest, at maturity

2017 Jan. 9 Purcliased computer equipment at a cost of $7,000, signing a six-month, 8% note payable for that amount. 29 Recorded the week's sales of $68,000, three-fourths on credit and one- fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 8% note, plus interest, at raturity. Purchased merchandise inventory for $3,000, signing a six-month, 10% note payable. The company uses a perpetual inventory system. Aug. 31 Dec. 31 Arcrued warranty expense, which is estimated at 2% of sales of $G09,090. Accrued interest on all outstanding notes payable. 31 2018 Feb. 28 Paid the six-month 10% note, plus interest, at maturity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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