Reference no: EM132588924
The following transactions represent current liabilities for Jamerson Co. during a portion of the year 2019:
April 1 Purchased supplies on account, $1,500
April 5 Purchased $7,000 Inventory by signing a 6 month, 5% note payable.
June 30 Recorded sales of $250,000 for the first half of the year. Sales tax of 15% was added.
June 30 Recorded Warranty expense which is estimated to be 2% of sales stated in the transaction above.
August 15 Paid the Government the Sales Tax collected for the first half of the year.
Sept 01 Customer paid $15,000 for products and will collect them next month.
Sept. 30 Note payable matured and was paid with interest.
Requirement:
Question 1: Journalize all entries stated above for Jamerson Co
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