The following transactions of Windsor Enterprises occurred in 2016 and 2017: Jul
ID: 2456940 • Letter: T
Question
The following transactions of Windsor Enterprises occurred in 2016 and 2017:
Jul. 31, 2016
Purchased a delivery truck at a cost of $14,000, signing a six-month, 8% note payment for that amount.
Aug. 31, 2016
Recorded the month's sales of $105,000 ($40,000 for cash and the balance on credit). Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold.
Sept. 20, 2016
Paid the August sales tax to the state.
Dec. 31, 2016
Accrued warranty expense, which is estimated to be 3% of sales of $748,500.
Dec. 31, 2016
Accrued interest on the outstanding note payable.
Feb. 1, 2017
Paid off the note from July 31, 2016
Journalize the transactions in Windsor's general journal. Explanations are not required. Round to the nearest dollar.
Jul. 31, 2016
Purchased a delivery truck at a cost of $14,000, signing a six-month, 8% note payment for that amount.
Aug. 31, 2016
Recorded the month's sales of $105,000 ($40,000 for cash and the balance on credit). Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold.
Sept. 20, 2016
Paid the August sales tax to the state.
Dec. 31, 2016
Accrued warranty expense, which is estimated to be 3% of sales of $748,500.
Dec. 31, 2016
Accrued interest on the outstanding note payable.
Feb. 1, 2017
Paid off the note from July 31, 2016
Explanation / Answer
The following transactions of Windsor Enterprises occurred in 2016 and 2017: Jul
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