{"id":77693,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/the-following-transactions-of-my-dollar-stores-occurred-during-2006-and-2007-2006-feb-3-purchased-equipment-for-10000-signing-a-six-month-9-note-payable-feb-28-recorded-th"},"modified":"2017-08-18T07:15:49","modified_gmt":"2017-08-18T07:15:49","slug":"the-following-transactions-of-my-dollar-stores-occurred-during-2006-and-2007-2006-feb-3-purchased-equipment-for-10000-signing-a-six-month-9-note-payable-feb-28-recorded-th","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/the-following-transactions-of-my-dollar-stores-occurred-during-2006-and-2007-2006-feb-3-purchased-equipment-for-10000-signing-a-six-month-9-note-payable-feb-28-recorded-th\/","title":{"rendered":"The following transactions of My Dollar stores occurred during 2006 and 2007: **2006** Feb 3 \u2013 Purchased equipment for $10,000, signing a six-month, 9% note payable Feb 28 \u2013 Recorded the week\u2019s sales of $51,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Mar 7 \u2013 Sent last week\u2019s sales tax to the state Apr 30 \u2013 Borrowed $100,000 on a four-year, 9% note payable that calls for annual payment of interest each April 30 Aug 3 \u2013 Paid the six-month, 9% note at maturity Nov 30 \u2013 Purchased inventory at a cost of $7,200, signing a three-month, 8% note payable for that amount Dec 31 \u2013 Accrued a warranty expense, estimated at 3% of total sales of $260,000 Dec 31 \u2013 Accrued interest on all outstanding notes payable. Accrued interest for each note separately. **2007** Feb 28 \u2013 Paid off the 8% inventory note, plus interest, at maturity Apr 30 \u2013 Paid the interest for one year on the long-term note payable TASK: Please record the transactions in the company\u2019s journal within the Excel sheet attached. Explanations are not required."},"content":{"rendered":"

<\/a> <\/p>\n

The following transactions of My Dollar stores occurred during 2006 and 2007:<\/p>\n

**2006**
Feb 3 \u2013 Purchased equipment for $10,000, signing a six-month, 9% note payable
Feb 28 \u2013 Recorded the week\u2019s sales of $51,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax.
Mar 7 \u2013 Sent last week\u2019s sales tax to the state
Apr 30 \u2013 Borrowed $100,000 on a four-year, 9% note payable that calls for annual payment of interest each April 30
Aug 3 \u2013 Paid the six-month, 9% note at maturity
Nov 30 \u2013 Purchased inventory at a cost of $7,200, signing a three-month, 8% note payable for that amount
Dec 31 \u2013 Accrued a warranty expense, estimated at 3% of total sales of $260,000
Dec 31 \u2013 Accrued interest on all outstanding notes payable. Accrued interest for each note separately.<\/p>\n

**2007**
Feb 28 \u2013 Paid off the 8% inventory note, plus interest, at maturity
Apr 30 \u2013 Paid the interest for one year on the long-term note payable<\/p>\n

TASK:
Please record the transactions in the company\u2019s journal within the Excel sheet attached. Explanations are not required.<\/p>\n","protected":false},"excerpt":{"rendered":"

The following transactions of My Dollar stores occurred during 2006 and 2007: **2006** Feb 3 \u2013 Purchased equipment for $10,000, signing a six-month, 9% note payable Feb 28 \u2013 Recorded the week\u2019s sales of $51,000, one-third for cash, and two-thirds Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-77693","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=77693"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77693\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=77693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=77693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=77693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}