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The following transactions of San Francisco Marine Supply occurred during 2018 and 2019: A (Click the icon to view the transactions.) Requirement 1. Record the transactions in the company's journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest whole dollar.) Begin by journalizing the 2018 transactions, starting with the purchase of equipment on February 3. Feb 3: Purchased equipment for S20,000, signing a six-month, 6% note payable. Journal Entry Date Accounts Debit Credit Feb 3, 2018 Feb 28: Recorded the week's sales of $55,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Feb 28. 2018

The following transactions of San Francisco Marine Supply occurred during 2018 and 2019: A (Click the icon to view the transactions.) Requirement 1. Record the transactions in the company's journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest whole dollar.) Begin by journalizing the 2018 transactions, starting with the purchase of equipment on February 3. Feb 3: Purchased equipment for S20,000, signing a six-month, 6% note payable. Journal Entry Date Accounts Debit Credit Feb 3, 2018 Feb 28: Recorded the week's sales of $55,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Feb 28. 2018

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter3: The General Journal And The General Ledger
Section: Chapter Questions
Problem 4PB: Leanders Landscaping Service maintains the following chart of accounts: The following transactions...
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The following transactions of San Francisco Marine Supply occurred during 2018 and 2019: A (Click the icon to view the transactions.) Requirement 1. Record the transactions in the company's journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest whole dollar.) ..... Begin by journalizing the 2018 transactions, starting with the purchase of equipment on February 3. Feb 3: Purchased equipment for $20,000, signing a six-month, 6% note payable. Journal Entry Date Accounts Debit Credit Feb 3, 2018 Feb 28: Recorded the week's sales of $55,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Feb 28, 2018 More Info 2018 Feb 3 Purchased equipment for $20,000, signing a six-month, 6% note payable. Mar 7: Sent last week's sales tax to the state. 28 Recorded the week's sales of $55,000, one-third for cash, and two-thirds account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold. Sent last week's sales tax to the state Journal Entry Mar 7 Date Accounts Debit Credit Apr 30 Borrowed $190,000 on a four-year, 9% note payable that calls for annual payment of interest each April 30. Paid the six-month, 6% note at maturity. Mar 7, 2018 Aug 3 Nov 30 Purchased inventory at a cost of $8,400, signing a three-month, 5% note payable for that amount. Dec 31 Accrued warranty expense, which is estimated at 6.0% of total sales of $580,000. 31 Apr 30: Borrowed $190,000 on a four-year, 9% note payable that calls for annual payment of interest each April 30. Accrued interest on all outstanding notes payable. Accrued interest for each note separately. 2019 Journal Entry Feb 28 Paid off the 5% inventory note, plus interest, at maturity. Date Accounts Debit Credit Apr 30 Paid the interest for one year on the long-term note payable. Apr 30, 2018 Print Done Aug 3: Paid the six-month, 6% note at maturity Journal Entry Date Accounts Debit Credit Aug 3, 2018
Transcribed Image Text:The following transactions of San Francisco Marine Supply occurred during 2018 and 2019: A (Click the icon to view the transactions.) Requirement 1. Record the transactions in the company's journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest whole dollar.) ..... Begin by journalizing the 2018 transactions, starting with the purchase of equipment on February 3. Feb 3: Purchased equipment for $20,000, signing a six-month, 6% note payable. Journal Entry Date Accounts Debit Credit Feb 3, 2018 Feb 28: Recorded the week's sales of $55,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Feb 28, 2018 More Info 2018 Feb 3 Purchased equipment for $20,000, signing a six-month, 6% note payable. Mar 7: Sent last week's sales tax to the state. 28 Recorded the week's sales of $55,000, one-third for cash, and two-thirds account. All sales amounts are subject to a 5% sales tax. Ignore cost of goods sold. Sent last week's sales tax to the state Journal Entry Mar 7 Date Accounts Debit Credit Apr 30 Borrowed $190,000 on a four-year, 9% note payable that calls for annual payment of interest each April 30. Paid the six-month, 6% note at maturity. Mar 7, 2018 Aug 3 Nov 30 Purchased inventory at a cost of $8,400, signing a three-month, 5% note payable for that amount. Dec 31 Accrued warranty expense, which is estimated at 6.0% of total sales of $580,000. 31 Apr 30: Borrowed $190,000 on a four-year, 9% note payable that calls for annual payment of interest each April 30. Accrued interest on all outstanding notes payable. Accrued interest for each note separately. 2019 Journal Entry Feb 28 Paid off the 5% inventory note, plus interest, at maturity. Date Accounts Debit Credit Apr 30 Paid the interest for one year on the long-term note payable. Apr 30, 2018 Print Done Aug 3: Paid the six-month, 6% note at maturity Journal Entry Date Accounts Debit Credit Aug 3, 2018
Nov 30: Purchased inventory at a cost of $8,400, signing a three-month, 5% note payable for that amount. Journal Entry Date Accounts Debit Credit Nov 30, 2018 Dec 31: Accrued warranty expense, which is estimated at 6.0% of total sales of $580,000. Journal Entry Date Accounts Debit Credit Dec 31, 2018 Dec 31: Accrued interest on all outstanding notes payable. Accrued interest for each note separately. Start by accruing interest on the $190,000, four-year, 0% note from April 30. Journal Entry Date Accounts Debit Credit Dec 31, 2018 Now accrue interest at December 31 on the $8,400, three-month, 5% note from November 30. Journal Entry Date Accounts Debit Credit Dec 31, 2018 Next, record the 2019 transactions, beginning with repayment of the 5% inventory note. Feb 28: Paid off the 5% inventory note, plus interest, at maturity. Journal Entry Date Accounts Debit Credit Feb 28, 2019 Apr 30: Paid the interest for one year on the long-term note payable. Journal Entry Date Accounts Debit Credit Apr 30, 2019
Transcribed Image Text:Nov 30: Purchased inventory at a cost of $8,400, signing a three-month, 5% note payable for that amount. Journal Entry Date Accounts Debit Credit Nov 30, 2018 Dec 31: Accrued warranty expense, which is estimated at 6.0% of total sales of $580,000. Journal Entry Date Accounts Debit Credit Dec 31, 2018 Dec 31: Accrued interest on all outstanding notes payable. Accrued interest for each note separately. Start by accruing interest on the $190,000, four-year, 0% note from April 30. Journal Entry Date Accounts Debit Credit Dec 31, 2018 Now accrue interest at December 31 on the $8,400, three-month, 5% note from November 30. Journal Entry Date Accounts Debit Credit Dec 31, 2018 Next, record the 2019 transactions, beginning with repayment of the 5% inventory note. Feb 28: Paid off the 5% inventory note, plus interest, at maturity. Journal Entry Date Accounts Debit Credit Feb 28, 2019 Apr 30: Paid the interest for one year on the long-term note payable. Journal Entry Date Accounts Debit Credit Apr 30, 2019
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