6 or 6 (4 complete) /> HW Score: 29.47%, 1 P11-27A (similar to) -Question Help T
ID: 2432779 • Letter: 6
Question
6 or 6 (4 complete) /> HW Score: 29.47%, 1 P11-27A (similar to) -Question Help The following transactions of Chicago Pharmacies occurred during 2017 and 2018 i (Click the icon to view the transactions) Journalize the transactions in Chicago's general journal. Explanations are not required Round to the nearest dollar (Record debits first then credits Exclude explanations from journal entries) Jan. 9, 2017: Purchased computer equipment at a cost of $14,000, signing a six-month, 7% note payable for that amount Accounts Debit Gredit Date an 9Explanation / Answer
Date
Accounts
Debit
Credit
Jan 9, 2017
Computer equipment
$ 14,000.00
Note payable
$ 14,000.00
Jan 29, 2017
Cash ($69,000*1/4)
$ 17,250.00
Accounts receivable ($69,000*3/4)
$ 51,750.00
Sales revenue ($69,000/1.06)
$ 65,094.00
Sales tax payable
$ 3,906.00
Feb 5, 2017
Sales tax payable
$ 3,906.00
Cash
$ 3,906.00
Jul 9, 2017
Note payable
$ 14,000.00
Interest expense ($14,000*7%*1/2)
$ 490.00
Cash
$ 14,490.00
Aug 31, 2017
Merchandise inventory
$ 12,000.00
Note payable
$ 12,000.00
Dec 31, 2017
Warranty expense ($607,000*2%)
$ 12,140.00
Warranty liability
$ 12,140.00
Dec 31, 2017
Interest expense ($12,000*10%*4/12)
$ 400.00
Interest payable
$ 400.00
Feb 28, 2018
Note payable
$ 12,000.00
Interest expense ($12,000*10%*2/12)
$ 200.00
Interest payable
$ 400.00
Cash
$ 12,200.00
Date
Accounts
Debit
Credit
Jan 9, 2017
Computer equipment
$ 14,000.00
Note payable
$ 14,000.00
Jan 29, 2017
Cash ($69,000*1/4)
$ 17,250.00
Accounts receivable ($69,000*3/4)
$ 51,750.00
Sales revenue ($69,000/1.06)
$ 65,094.00
Sales tax payable
$ 3,906.00
Feb 5, 2017
Sales tax payable
$ 3,906.00
Cash
$ 3,906.00
Jul 9, 2017
Note payable
$ 14,000.00
Interest expense ($14,000*7%*1/2)
$ 490.00
Cash
$ 14,490.00
Aug 31, 2017
Merchandise inventory
$ 12,000.00
Note payable
$ 12,000.00
Dec 31, 2017
Warranty expense ($607,000*2%)
$ 12,140.00
Warranty liability
$ 12,140.00
Dec 31, 2017
Interest expense ($12,000*10%*4/12)
$ 400.00
Interest payable
$ 400.00
Feb 28, 2018
Note payable
$ 12,000.00
Interest expense ($12,000*10%*2/12)
$ 200.00
Interest payable
$ 400.00
Cash
$ 12,200.00
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