Jan. 9, 2023 Purchased computer equipment at a cost of $11,000, signing a six-month, 7% note payable for that amount. Recorded the week's sales of $68,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Jan. 29, 2023 Feb. 5, 2023 Sent the last week's sales tax to the state. Jul. 9, 2023 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31, 2023 Purchased merchandise inventory for $3,000, signing a six-month, 11% note payable. The company uses the perpetual inventory system. Accrued warranty expense, which is estimated at 2% of sales of $602,000. Dec. 31, 2023 Dec. 31, 2023 Accrued interest on all outstanding notes payable. Feb. 28, 2024 Paid the six-month 11% note, plus interest, at maturity.

Jan. 9, 2023 Purchased computer equipment at a cost of $11,000, signing a six-month, 7% note payable for that amount. Recorded the week's sales of $68,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Jan. 29, 2023 Feb. 5, 2023 Sent the last week's sales tax to the state. Jul. 9, 2023 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31, 2023 Purchased merchandise inventory for $3,000, signing a six-month, 11% note payable. The company uses the perpetual inventory system. Accrued warranty expense, which is estimated at 2% of sales of $602,000. Dec. 31, 2023 Dec. 31, 2023 Accrued interest on all outstanding notes payable. Feb. 28, 2024 Paid the six-month 11% note, plus interest, at maturity.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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