Reference no: EM132895951
The following transactions of Plymouth Pharmacies occurred during 2019 and 2020:
2019
Jan 9 Purchased computer equipment at a cost of $7,000, signing a six-month, 9% note payable for that amount.
29 Recorded the week's sales of $67,000, three-fourths on credit, and one-fourth for cash. Sales amounts are subject to a 6% state sales tax.
Feb 5 Sent the last week's sales tax to the state.
Feb 28 Borrowed $210,000 on a four-year, 8% note payable that calls for $52,500 annual installment payments plus interest. Record the current and long-term portions of the note payable in two separate accounts
Jul 9 Paid the six-month, 9% note, plus interest, at maturity.
Aug 31 Purchased inventory for $6,000, signing a six-month, 11% note payable.
Dec 31 Accrued warranty expense, which is estimated at 4% of sales of $608,000.
31 Accrued interest on all outstanding notes payable. Make a separate interest accrual for each note payable.
2020
Feb 28 Paid the first installment and interest for one year on the four-year note payable.
28 Paid off the 11% note plus interest at maturity.
Required:
Problem 1: Journalize the transactions in Plymouth's General Journal.
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