#27 ## Chapter 11**Instruction:** Journalize the transactions in Plymouth’s general journal. Explanations are not required. Round to the nearest dollar. ### P11-27A Journalizing Liability Transactions**The following transactions of Plymouth Pharmacies occurred during 2017 and 2018:**#### 2017- **Jan. 9:** Purchased computer equipment at a cost of $12,000, signing a six-month, 9% note payable for that amount.- **Jan. 29:** Recorded the week’s sales of $63,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore the cost of goods sold.- **Feb. 5:** Sent the last week’s sales tax to the state.- **Jul. 9:** Paid the six-month, 9% note, plus interest, at maturity.- **Aug. 31:** Purchased merchandise inventory for $9,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system.- **Dec. 31:** - Accrued warranty expense, which is estimated at 4% of sales of $609,000. - Accrued interest on all outstanding notes payable.#### 2018- **Feb. 28:** Paid the six-month 10% note, plus interest, at maturity.---**Learning Objectives: 1, 3**- **Jan. 29 Cash:** $16,695

Journal entries: It is prepared to record the financial and non financial transaction of the…

The following transactions of Plymouth Pharmacies occurred during 2017 and 2018: 2017 Jan. 9 Purchased computer equipment at a cost of $12,000, signing a six-month, 9% note payable for that amount. Recorded the week's sales of $63,000, three-fourths on credit and one- fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. 29 Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 9% note, plus interest, at maturity. Purchased merchandise inventory for $9,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Aug. 31 Dec. 31 Accrued warranty expense, which is estimated at 4% of sales of $609,000. 31 Accrued interest on all outstanding notes payable. 2018 Feb. 28 Paid the six-month 10% note, plus interest, at maturity.

The following transactions of Plymouth Pharmacies occurred during 2017 and 2018: 2017 Jan. 9 Purchased computer equipment at a cost of $12,000, signing a six-month, 9% note payable for that amount. Recorded the week's sales of $63,000, three-fourths on credit and one- fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. 29 Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 9% note, plus interest, at maturity. Purchased merchandise inventory for $9,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Aug. 31 Dec. 31 Accrued warranty expense, which is estimated at 4% of sales of $609,000. 31 Accrued interest on all outstanding notes payable. 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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