Reference no: EM131267676
Warren Plastic, LLC complete these transactions in year 1 and year 2. Give general journal entries for them.
date yr
2/12 1 Purchased equipment for 35,000, signed a 7 month note, 6.5%.
2/28 1 Recorded the month's sales of 325,000, one-fourth cash, three-fourth's credit.
Sales tax rate is 6.75%
3/20 1 Sent Feb. sales tax to the state.
5/31 1 Borrowed $305,000 on a long-term note, 8% note payable
Annual interest is to be paid each year on 5-31, starting yr. 2.
9/12 1 paid off the note dated 2-12-yr 1
10/31 1 bought inventory at a cost of 9,500. Signed a 4 month 8.5% note.
12/31 1 Accrued warranty expense, estimated at 4% of 250,000 of sales
12/31 1 Accrued Interest on ALL outstanding notes.
2/28 2 Paid off the inventory note at maturity, including interest.
5/31 2 Paid the annual interest on the 305,000 note
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