Reference no: EM131810183
The following transactions of Denver Pharmacies occurred during 2013 and 2014:
Purchased computer equipment at a cost of $9,000, signing a six-month, 6% note payable for that amount.
Recorded the week's sales of $64,000, three-fourths on credit and one-fourth for cash.
Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Sent the last week's sales tax to the state.
Paid the six-month, 6% note, plus interest, at maturity.
Purchased merchandise inventory for $12,000, signing a six-month, 9% note payable.
The company uses the perpetual inventory system.
Accrued warranty expense, which is estimated at 2% of sales of $603,000.
Accrued interest on all outstanding notes payable.
Paid off the 9% note plus interest at maturity.
Journalize the transactions in Denver's general journal. Explanations are not required.
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