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Posted: February 12th, 2023
Account Titles and ExplanationEquipmentNotes payableTo record purchase of equipmentCashAccounts receivableSalesSales tax liabilityTo record monthly sales cash and creditSales tax liabilityP. R.Debit55,00055,00030,508152,542175,0008,05080,500CashTo record taxes pd to the state6/30Cash80,500153,000Note payableTo record loan(tern 8.75;interest due yr 2)6/2Notes payableInterst expense153,00055,0001,375CashPd off note date 2-210/31Inventory53,62522,400Notes payableTo record inventory purchased12/31Warranty expense22,4008,250Accrued warranty expenseTo record warranty cost12/31Interest expense8,25013,808Interest payableTo record accured interest12/31Interest expense13,8081,008Interest payableTo record accured interest3/31Notes payableInterest payable1,00822,4001,008CashTo record note maturity6/30Interest payableCashTo record interest pad on noteCredit23,40813,38813,388Warren Plastic, LLC complete these transactions in year 1 and year 2. Give general journal entries for them.date yr2/2 1 Purchased equipment for 55,000, signed a 4 month note, 7.5%.2/28 1 Recorded the month's sales of 175,000, one-sixth cash, five-sixth's credit.Sales tax rate is 4.6%3/20 1 Sent Feb. sales tax to the state.6/30 1 Borrowed $153,000 on a long-term note, 8.75% note payableAnnual interest is to be paid each year on 6-30, starting yr. 2.6/2 1 paid off the note dated 2-02-yr 110/31 1 bought inventory at a cost of 22,400. Signed a 5 month 4.5% note.12/31 1 Accrued warranty expense, estimated at 1.5% of 550,000 of sales12/31 1 Accrued Interest on ALL outstanding notes.3/31 2 Paid off the inventory note at maturity, including interest.6/30 2 Paid the annual interest on the 153,000 note.
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