Question

Score: 0 of 2 pts 3 of 4 (1 complete) P9-38A (similar to) The following transactions of Denver Marine Supply occurred during 2018 and 2019: i (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 $15,000, signing a six-month, 6% note payable. i More Info Journal Entry Date Accounts Debit Credit 2018 Feb 3 28 Feb 3, 2018 Mar Apr 7 30 Purchased equipment for $15,000, signing a six-month, 6% note payable. Recorded the week's sales of $66,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 4% sales tax. Ignore cost of goods sold. Sent last week's sales tax to the state. Borrowed $240,000 on a four-year, 10% note payable that calls for annual payment of interest each April 30. Paid the six-month, 6% note at maturity. Purchased inventory at a cost of $9,300, signing a three-month, 4% note payable for that amount. Accrued warranty expense, which is estimated at 7.0% of total sales of $790,000. Accrued interest on all outstanding notes payable. Accrued interest for each note separately. Aug Nov 3 30 Dec 31 31 2019 Feb 28 Apr 30 Paid off the 4% inventory note, plus interest, at maturity. Paid the interest for one year on the long-term note payable. Choose from any list or enter any number in the input fields and then click Check Answer. Print Done 10 parts I remaining

Answer 1

Date	Accounts					Debit	Credit
Feb 3,2018	Equipment					15000
	Short-term notes payable						15000
	(Purchased equipment)
Feb 28,2018	Cash			(66000+2640)*1/3		22880
	Accounts receivable			(66000+2640)*2/3		45760
	Sales revenue						66000
	Sales tax payable		(66000*4%)				2640
	(To record sales)
Mar 7,2018	Sales tax payable					2640
	Cash						2640
	(Sales tax paid)
Apr 30,2018	Cash					24000
	Long-term notes payable						24000
	(Cash borrowed)
Aug 3,2018	Short-term Notes payable					15000
	Interest expense			(15000*6%*6/12)		450
	Cash						15450
	(Paid the note at maturity)
Nov 30,2018	Merchandise inventory					9300
	Short-term notes payable						9300
	(Inventory purchased)
Dec 31,2018	Warranty expense			(790000*7%)		55300
	Estimated warranty payable						55300
	(Warranty expense accrued)
Dec 31,2018	Interest expense			(24000*10%*8/12)		1600
	Interest payable						1600
	(Accrued interest on long-term note from Apr 30 to
	Dec 31-8 months)
Dec 31,2018	Interest expense			(9300*4%*1/12)		31
	Interest payable						31
	(Accrued interest on short-term note from Nov 30 to
	Dec 31-1 month)
Feb 28,2019	Short-term notes payable					9300
	Interest expense			(9300*4%*2/12)		62
	Interest payable					31
	Cash						9393
	(Paid the note at maturity)
Apr 30,2019	Interest expense			(24000*10%*4/12)		800
	Interest payable					1600
	Cash						2400
	(Paid interest)
I appreciate your ratings