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Chapter 11 Homework Help.docx - IIIH IUIIUWII'Ig...

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Unformatted text preview: IIIH IUIIUWII'Ig LIBIISHCLIUHS Ul \JIIICagU' r’l'lal'lllacleti UCCLIIIEU UUIIIIg {.U ID 3110 LU ID. (é) [Click Journalize Jan. 9, 2015: Purchased computer equipment at a cost of $16, he icon to view the transactions.) he transactions in Chicago's general journal. Explanations are not required. [Record debits first, then credits. Exclude explanations from journal e 300, signing a six—month, 9% note payable for that amount. Date Accounts and Explanation Debit Credit 2015 Computer Equipment ‘ 16,000‘ Jan. 9 Short—Term Notes Payable ‘ 16,000‘ Jan. 29, 2015: Recorded the week's sales of$63,000, three-fourths on credi and one-fourth for cash. Sales amounts are subject to a 5% state sales tax. Igr cost of goods sold. - - - — — payable for that amount. Date Accounts and Explanation Debit Cre _ P 29 Recorded the week's sales of $53,000, three-fourths on credit and one-fourth i 2015 C3“ ‘ 16'695‘ Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold Jan. 29 Accounts Receivable 50,085 . ‘ -eb. 5 Sent the last week's sales tax to the state. Sales Revenue 65 I 9 P d h . h 9% I _ _ Sales Tax Payable ‘ Eu . ai t e six-mont , note, p us Interest, at maturity. tug. 31 Purchased merchandise inventory for $9,000, signing a six-month, 11% note | Fb.52015:S tthl t k' i taxtth tt. - e ’ e" e as wee S H es ° 9 5 a e company uses the perpetual inventory system. Date ““0"“ “d Exl'lam‘m" ‘ Dab" l crelec. 31 Accrued warranty expense, which is estimated at 3% of sales of $603,000. 2015 sales Ta" Payable ‘ 3'78” 31 Accrued interest on all outstanding notes payable. Feb. 5 Cash z 2015 Date Accounts and Explanation Debit Credit 2015 Short—Term Notes Payable 16,000 Jul. 9 Interest Expense ‘ 720‘ Aug. 31, 2E15: Purchased merchandise inventory for $9,000, s' Cash 16,720‘ gning a six—month, 11% note payable. The company uses the perpetual inventory system. Date Accounts and Explanation Debit Credit 2015 Merchandise Inventory 9,000 Aug. 31 Short-Term Notes Payable ‘ 9,000‘ Dec. 31, 2E15: Accrued warranty expense, which is estimated at 3% of sales of $503,000. Date Accounts and Explanation Debit Credit 2015 Warranty Expense 18,090 Dec. 31 Estimated Warranty Payable ‘ 18,090‘ 2015 Interest Expense 330 ‘ V Dec. 31 Interest Payable 330 Feb. 29, 2015: Paid the six-month 11% note, plus interest, at maturity. [Round your answers to the nearest whole dollar.) Date Accounts and Explanation Credit 201E Short-Term Notes Payable 9,000 Feb. 29 Interest Payable 30 Interest Expense 165 Cash 9,495‘ ...
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