How do i journalize these?


Feb 3 purchased equipment for 10,000, signing a six month, 9% note payable

Feb 28 recorded the weeks sales of 51000 one third for cash and two thirds on account. All sales amounts are subject to a 5% sales tax.

Mar 7 sent last weeks sales tax to the state.

Apr 30 borrowed 100000 on a four year 9% note payable that calls for annual payment of interest each April 30.

Aug 3 paid the 6 month 9% note at maturity

Nov 30 purchased inventory at a cost of 7200 signing a three month 8% note payable for that amount

Dec 31 accrued warranty expense which is estimated at 3% of total sales of 260000

Dec 31 accrued interest on all outstanding notes payable. Accrue interest for each note separately.


Feb 28 paid off the 8% inventory note plus interest at maturity

Apr 30 paid the interest for one year on the long term note payable for