The following transactions of Brewton Marine Supply occurred

The following transactions of Brewton Marine Supply occurred during 2016 and 2017 (Click the icon to view the transactions.) Requirement More Info 1. Record the transactions in the al entries. Round amounts to the nearest whole dollar.) Begin by joumalizing the 2016 transactions, 2016 3 Purchased equipment for $20,000, signing a six-month, 8% note payable. 28 Recorded the week\'s sales of $51,000, one-third for cash, and two-thirds an account. Feb Feb 3: Purchased equipment for $20,000, s Jo Accou All sales amounts are subject to a 3% sales tax. Ignore cost of goods sold. Mar Apr 7 Sent last week\'s sales tax to the state Date 30 Borrowed $120,000 on a four-year, 4% note payable that calls for annual payment of Feb 3, 2016 interest each April 30. 3 Paid the six-month, 896 note at maturity. Aug Nov 30 Purchased inventory at a cost of $8.400, signing a three-month, 10% note payable for that amount. 31 Accrued warranty expense, which is estimated at 4.0% of total sales of $580,000 31 Accrued interest on all outstanding notes payable. Accrued interest for each note Dec Feb 28: Recorded the week\'s sales of $51,0 goods sold. 2017 Feb Apr 30 Paid the interest for one year on the long-ter note payable Jo Date Accoud 28 Paid off the 10% inventory note, plus interest, at maturity. Feb 28, 2016 Print Done Choose from any list or enter any number in the input fields and then continue to the next question

Solution

Journal entry :

Date	accounts & explanation	debit	credit
Feb 3	Equipment a/c	20000
	8% Notes payable		20000
	(To record equipment purchase)
Feb 28	Cash a/c	17510
	Account receivable a/c	35020
	Sales a/c		51000
	Sales tax payable a/c		1530
	(To record sales and sales tax payable)
Mar 7	Sales tax payable a/c	1530
	Cash a/c		1530
	(To record sales tax paid)
Apr 30	Cash a/c	120000
	Notes payable a/c		120000
	(To record notes payable)
Aug 3	Notes payable	20000
	Interest expenses	1600
	Cash a/c		21600
	(To record maturity of notes)
Nov 30	Inventory a/c	8400
	Notes payable a/c		8400
	(To record purchase inventory)
Dec 31	Warranty expenses	23200
	Warranty liability		23200
	(To record accured warranty liability)
Dec 31	Interest expenses a/c	3270
	Interest payable a/c		3270
	(To record accured interest)
Feb 28	Notes payable	8400
	Interest payable (8400*10%*1/12)	70
	Interest expenses (8400*10%*2/12)	140
	Cash a/c		8610
	(To record notes maturity)
Apr 30	Notes payable	120000
	Interest payable	3200
	Interest expenses	1600
	Cash a/c		124800
	(To record notes maturity)