How do i journalize these?
2006
Feb 3 purchased equipment for 10,000, signing a six month, 9% note payable
Feb 28 recorded the weeks sales of 51000 one third for cash and two thirds on account. All sales amounts are subject to a 5% sales tax.
Mar 7 sent last weeks sales tax to the state.
Apr 30 borrowed 100000 on a four year 9% note payable that calls for annual payment of interest each April 30.
Aug 3 paid the 6 month 9% note at maturity
Nov 30 purchased inventory at a cost of 7200 signing a three month 8% note payable for that amount
Dec 31 accrued warranty expense which is estimated at 3% of total sales of 260000
Dec 31 accrued interest on all outstanding notes payable. Accrue interest for each note separately.
2007
Feb 28 paid off the 8% inventory note plus interest at maturity
Apr 30 paid the interest for one year on the long term note payable for
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…