queston Help * The folowing transactions of Brewion\'s Marine Supply occurred du

Question

queston Help * The folowing transactions of Brewion's Marine Supply occurred during 2016 and 2017 (Click the ioon to view the transactions) 1. Record the transactions ithe company's journal entries Round amounts to the nearest whole dollar) Explanations are not required. (Record debts firstwuodis Endde·pintos son any pinal Begin by journalizing the 2016 transactions, starting with the purchase of equipment on February 3 Feb 3 Purchased equpment for $15,000, signing a six-month, 11% note payable Journal Entry Feb 3, 2016 Feb 28: Recorded the week's sales of S66,000. one-Pind for cash, and two-thindsonaccount Al sales amounts are sub et to 6%sai t 09 costar goods Journal Entry Date Debit Credit Feb 28, 2016 Mar 7: Sent last week's sales tax to the stae Journal Entry Date Debit Mar 7, 2016 Apr 30 Borrowed $210,000 on a four-year, 5% note payabie that cals for annual payment of interest each Apri 30 Journal Entry Apr 30, 2016 Aung 3: Pad the six-mont. 11% note at maturity Aug 3, 2016 Nov 30, purchased nventory at a cost of $12.000, signing a tree-month, 9% note payable for that amout Journal Choose from any list or enter any number in the input fields and then continue to the next question

Explanation / Answer

03-Feb Equipment 15000                  Notes payable 15000 28-Feb Cash 23320 Accounts receovable 46640                 Sales revenue 66000                 Sales tax payable 3960 (66000*6%) 07-Mar sales tax payable 3960              Cash 3960 30-Apr Cash 210000             Notes payable 210000 03-Aug Notes payable 15000 Interest expense 825 (15000*11%*6/12)              Cash 15825 30-Nov Inventory 12000              Notes payable 12000 31-Dec Warranty expense 14700 (490000*3%)              Accrued warranty liability 14700 31-Dec Interest expense 7090 (210000*5%*8/12)+12000*9%*1/12                Interest payable 7090 Feb-28 Interst expense 90 (12000*9%*1/12) Interest payable 180 (12000*9%*2/12) Notes payable 12000                 Cash 12270 Apr-30 Interst expense 3500 (210000*5%*4/12) Interest payable 7000 (210000*5%*8/12)                 Cash 10500

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