The following transactions of Buffalo Pharmacies occurred during 2015 and 2016: (Click the icon to view the transactions.) Journalize the Jan. 9, 2015: 1 Date 2015 More info Jan. 9 Feb. 2015 Jan. 9 Purchased computer equipment at a cost of $16,000, signing a six-month, 7% note payable for that amount. 29 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. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31 Purchased merchandise inventory for $3,000, signing a six-month, 9% note payable. The company uses the perpetual inventory system. Dec. 31 Accrued warranty expense, which is estimated at 3% of sales of $609,000. 31 Accrued interest on all outstanding notes payable. 2016 Feb. 29 Paid the six-month 9% note, plus interest, at maturity. Print Done ions from journal entries.) -

The following transactions of Buffalo Pharmacies occurred during 2015 and 2016: (Click the icon to view the transactions.) Journalize the Jan. 9, 2015: 1 Date 2015 More info Jan. 9 Feb. 2015 Jan. 9 Purchased computer equipment at a cost of $16,000, signing a six-month, 7% note payable for that amount. 29 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. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31 Purchased merchandise inventory for $3,000, signing a six-month, 9% note payable. The company uses the perpetual inventory system. Dec. 31 Accrued warranty expense, which is estimated at 3% of sales of $609,000. 31 Accrued interest on all outstanding notes payable. 2016 Feb. 29 Paid the six-month 9% note, plus interest, at maturity. Print Done ions from journal entries.) -

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8PA: The following select financial statement information from Candid Photography. Compute the accounts...

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