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P11-27A Journalizing liability transactions
The following transactions of Denver Pharmacies occurred during 2013 and 2014:
2013
Jan. 9 Purchased computer equipment at a cost of $9,000, signing a six-month, 6% note
payable for that amount.
29 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.
Feb. 5 Sent the last week's sales tax to the state.
Jul. 9 Paid the six-month, 6% note, plus interest, at maturity.
Aug. 31 Purchased merchandise inventory for $12,000, signing a six-month, 9% note payable
The company uses the perpetual inventory system.
Dec. 31 Accrued warranty expense, which is estimated at 2% of sales of $603,000.
31 Accrued interest on all outstanding notes payable.
2014
Feb. 28 Paid off the 9% note plus interest at maturity.
I
Journalize the transactions in Denver's general journal. Explanations are not requi
P11-28A Journalizing liability transactions
The following transactions of Brooks Garrett occurred during 2014:
