Journalize the transactions in general journal. Explanations are not required. 2

Question

Journalize the transactions in general journal. Explanations are not required.

2015 Jan. 9 Purchased computer equipment at a cost of $6,000, signing a six-month, 8% note payable for that amount. 29 Recorded the week's sales of $60,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 8% note, plus interest, at maturity. Aug. 31 Purchased merchandise inventory for $12,000, 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 $608,000. 31 Accrued interest on all outstanding notes payable 2016 Feb. 29 Paid the six-month 10% note, plus interest, at maturity.

Explanation / Answer

Jan 9 computer A/c DR 6000

Vendor's A/c 6000

Jan 29 Cash A/c Dr. 15000

Sundry Debtors A/c DR 45000

Sales A/c CR.. 56604

Sales tax Payable CR. 3396

(Assuming the sales includes the sales tax so 60000*6/106=3396 will be sales tax and rest is sales)

Feb 5 Sales Tax payable DR. 3396

Bank/Cash CR. 3396

July 9 A) Interest DR. 240

Vendor CR. 240

B) Vendor CR. 6240

Cash CR. 6240

Aug 31 Purchase DR. 12000

Creditor's A/c CR. 12000

Dec 31 Warrarnty Expense DR. 24320

Warranty Expense Payable CR. 24320

Dec 31 Interest Dr. 400

Interest Payable CR. 400

(12000*.10*4/12)

Feb 2016

Creditor DR. 12000

Interest Payable DR. 400

Interest DR. 200

Cash CR. 12600

  

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