Jan. 9, 2023 Purchased computer equipment at a cost of $11,000, signing a six-month, 7% note payable for that amount. 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. Jan. 29, 2023 Feb. 5, 2023 Sent the last week's sales tax to the state. Jul. 9, 2023 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31, 2023 Purchased merchandise inventory for $3,000, signing a six-month, 11% note payable. The company uses the perpetual inventory system. Accrued warranty expense, which is estimated at 2% of sales of $602,000. Dec. 31, 2023 Dec. 31, 2023 Accrued interest on all outstanding notes payable. Feb. 28, 2024 Paid the six-month 11% note, plus interest, at maturity.
Jan. 9, 2023 Purchased computer equipment at a cost of $11,000, signing a six-month, 7% note payable for that amount. 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. Jan. 29, 2023 Feb. 5, 2023 Sent the last week's sales tax to the state. Jul. 9, 2023 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31, 2023 Purchased merchandise inventory for $3,000, signing a six-month, 11% note payable. The company uses the perpetual inventory system. Accrued warranty expense, which is estimated at 2% of sales of $602,000. Dec. 31, 2023 Dec. 31, 2023 Accrued interest on all outstanding notes payable. Feb. 28, 2024 Paid the six-month 11% note, plus interest, at maturity.
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter21: Supply Chains And Working Capital Management
Section: Chapter Questions
Problem 6P
Related questions
Question
![The following transactions of Denver Pharmacies occurred during 2023 and 2024:
D(Click the icon to view the transactions.)
Journalize the transactions in Denver's general journal. Explanations are not required. Round to the nearest dollar. (Record debits frst, then credits Exclude explanations from journal entries.)
Jan. 9, 2023: Purchased computer equipment at a cost of $11,000, signing a six-month, 7% note payabie for that amount
Date
Accounts
Debit
Credit
Jan. 9](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5966507-0fa2-49d7-8229-2cbf653ffce4%2Fde6b4ace-963b-4868-a9fa-cc6ec0dfb035%2F32wiyup_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following transactions of Denver Pharmacies occurred during 2023 and 2024:
D(Click the icon to view the transactions.)
Journalize the transactions in Denver's general journal. Explanations are not required. Round to the nearest dollar. (Record debits frst, then credits Exclude explanations from journal entries.)
Jan. 9, 2023: Purchased computer equipment at a cost of $11,000, signing a six-month, 7% note payabie for that amount
Date
Accounts
Debit
Credit
Jan. 9
![Jan. 9, 2023
Purchased computer equipment at a cost of $11,000, signing a six-month, 7% note
payable for that amount.
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.
Jan. 29, 2023
Feb. 5, 2023
Sent the last week's sales tax to the state.
Jul. 9, 2023
Paid the six-month, 7% note, plus interest, at maturity.
Aug. 31, 2023
Purchased merchandise inventory for $3,000, signing a six-month, 11% note
payable. The company uses the perpetual inventory system.
Accrued warranty expense, which is estimated at 2% of sales of $602,000.
Dec. 31, 2023
Dec. 31, 2023
Accrued interest on all outstanding notes payable.
Feb. 28, 2024
Paid the six-month 11% note, plus interest, at maturity.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5966507-0fa2-49d7-8229-2cbf653ffce4%2Fde6b4ace-963b-4868-a9fa-cc6ec0dfb035%2F9uq4e3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Jan. 9, 2023
Purchased computer equipment at a cost of $11,000, signing a six-month, 7% note
payable for that amount.
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.
Jan. 29, 2023
Feb. 5, 2023
Sent the last week's sales tax to the state.
Jul. 9, 2023
Paid the six-month, 7% note, plus interest, at maturity.
Aug. 31, 2023
Purchased merchandise inventory for $3,000, signing a six-month, 11% note
payable. The company uses the perpetual inventory system.
Accrued warranty expense, which is estimated at 2% of sales of $602,000.
Dec. 31, 2023
Dec. 31, 2023
Accrued interest on all outstanding notes payable.
Feb. 28, 2024
Paid the six-month 11% note, plus interest, at maturity.
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