Warren Plastic, LLC complete these transactions in year 1 and year 2. Give general journal entries for them.date yr2/2 1...

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ACCT 1080-Warren Plastic, LLC complete these transactions in year

April 14, 2018

Warren Plastic, LLC complete these transactions in year 1 and year 2. Give general journal entries for them.
date yr
2/2 1 Purchased equipment for 55,000, signed a 4 month note, 7.5%.
2/28 1 Recorded the month's sales of 175,000, one-sixth cash, five-sixth's credit.
Sales tax rate is 4.6%
3/20 1 Sent Feb. sales tax to the state.
6/30 1 Borrowed $153,000 on a long-term note, 8.75% note payable
Annual interest is to be paid each year on 6-30, starting yr. 2.
6/2 1 paid off the note dated 2-02-yr 1
10/31 1 bought inventory at a cost of 22,400. Signed a 5 month 4.5% note.
12/31 1 Accrued warranty expense, estimated at 1.5% of 550,000 of sales
12/31 1 Accrued Interest on ALL outstanding notes.
3/31 2 Paid off the inventory note at maturity, including interest.
6/30 2 Paid the annual interest on the 153,000 note.










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