The following transactions of Buffalo Pharmacies occurred during 2015 and 2016: (Click the icon to view the transactions.) Journalize the Jan. 9, 2015: 1 Date 2015 More info Jan. 9 Feb. 2015 Jan. 9 Purchased computer equipment at a cost of $16,000, signing a six-month, 7% 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. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31 Purchased merchandise inventory for $3,000, signing a six-month, 9% note payable. The company uses the perpetual inventory system. Dec. 31 Accrued warranty expense, which is estimated at 3% of sales of $609,000. 31 Accrued interest on all outstanding notes payable. 2016 Feb. 29 Paid the six-month 9% note, plus interest, at maturity. Print Done ions from journal entries.) -

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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am. 126.

The following transactions of Buffalo Pharmacies occurred during 2015 and 2016:
(Click the icon to view the transactions.)
Journalize the
Jan. 9, 2015: 1
Date
2015
More info
Jan. 9
Feb.
2015
Jan.
9 Purchased computer equipment at a cost of $16,000, signing a six-month, 7% 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.
5 Sent the last week's sales tax to the state.
Jul. 9 Paid the six-month, 7% note, plus interest, at maturity.
Aug. 31 Purchased merchandise inventory for $3,000, signing a six-month, 9% note payable. The
company uses the perpetual inventory system.
Dec. 31 Accrued warranty expense, which is estimated at 3% of sales of $609,000.
31 Accrued interest on all outstanding notes payable.
2016
Feb. 29 Paid the six-month 9% note, plus interest, at maturity.
Print
Done
ions from journal entries.)
-
Transcribed Image Text:The following transactions of Buffalo Pharmacies occurred during 2015 and 2016: (Click the icon to view the transactions.) Journalize the Jan. 9, 2015: 1 Date 2015 More info Jan. 9 Feb. 2015 Jan. 9 Purchased computer equipment at a cost of $16,000, signing a six-month, 7% 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. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31 Purchased merchandise inventory for $3,000, signing a six-month, 9% note payable. The company uses the perpetual inventory system. Dec. 31 Accrued warranty expense, which is estimated at 3% of sales of $609,000. 31 Accrued interest on all outstanding notes payable. 2016 Feb. 29 Paid the six-month 9% note, plus interest, at maturity. Print Done ions from journal entries.) -
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