Interpreting Linear Expressions

Date Transaction Year 11 55-Jan Purchased equipment for $120,000\$120,000, signing a 99 month, 88\% note payable. 2626-Jan Recorded the week’s sales of $85,000\$85,000, 7575\% on account and 2525\% cash. All sales are subject to a 77.2525\% sales tax. 77-Feb Remitted last week’s sales tax to the appropriate government agency. 11-May Borrowed $175,000\$175,000 on a 77 year, 99\% note payable calling for annual interest beginning next May 11. 11-Oct Issued $100,000\$100,000 55 year, 1212\%, semiannual bonds payable. The bonds were issued at 104104. 55-Oct Paid off the January 55 note payable. 3030-Nov Purchased inventory at a cost of $9,500\$9,500, signing a 33 month, 88\% note payable for that amount. 3131-Dec Accrued warranty expense is estimated at 33\% of total sales of $1,200,000\$1,200,000 (assume the sales were already recorded). 3131-Dec Record accrued interest on all outstanding notes and bonds payable (make a separate journal entry for each. HINT: there are two notes and one bond for a total of 33 entries). Year 22 2828-Feb Paid off the November 88\% inventory note plus interest at maturity. 44 journal entries notes payable, interest expense, interest payable, and cash 11-Apr Paid the interest due on the semi-annual bonds. 44 journal entries interest expense, interest payable, premium on bonds, and cash 11-May Paid the interest for one year on the long term note payable. 33 journal entries interest expense, interest payable, cash
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