Question

Hi, please help with the question below. Make sure you follow the three requirements:

1. Answer the question only in the case that you can make sure you would answer them all

2. Choose the title for each column from my picture (I have posted the options for you, so just choose it, don't make it up by yourself)

3. Strictly follow the format of the chart below to answer the question.

The following transactions of Penny and Dime Marine Supply occurred during 2018 and 2019: (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 $22,000, signing a six-month, 8% note payable. Journal Entry Date Accounts | Debit Credit Feb 3, 2018 Feb 28: Recorded the week's sales of $60,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 4% sales tax. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Feb 28, 2018

Answer 1

Journal entries

Date	Accounts	Debit	Credit
2018 February 03	Equipment	$ 22,000
	Note payable, short term		$ 22,000
2018 February 28	Cash	$ 20,800
	Account receivable	$ 41,600
	Sales revenue		$ 60,000
	Sales tax payable		$ 2,400
2018 March 07	Sales tax payable	$ 2,400
	Cash		$ 2,400
2018 April 30	Cash	$ 240,000
	Note payable, Long term		$ 240,000
2018 August 03	Notes payable, short term	$ 22,000
	Interest expenses [$ 22,000 X 8/100 X 6/12]	$ 880
	Cash		$ 22,880
2018 November 30	Inventory	$ 7,200
	Note payable, short term		$ 7,200
2018 December 31	Warranty expenses	$ 34,800
	Estimated warranty payable { 580,000 X 6%}		$ 34,800
2018 December 31	Interest expenses	$ 6,400
	Interest payable		$ 6,400
	[ $ 240,000 X 4% X 8/12 ] For 4 year note payable
2018 December 31	Interest expenses	$ 30
	Interest payable		$ 30
	[ $ 7,200 X 5 % X 1/12] for 3 months note payable
2019 February 28	Note payable ,short term	$ 7,200
	Interest payable	$ 30
	Interest expenses [ $ 7,200 X 5% X 2/12]	$ 60
	Cash		$ 7,290
2019 February 28	Interest payable [ $ 240,000 X 4% X 8/12]	$ 6,400
	Interest expenses [ $ 240,000 X 4% X 4/12]	$ 3,200
	Cash		$ 9,600