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P10-15A PrintTYK Test Your Knowledge Student Name Course Name Student ID: Date: Requirements 1. Students please fill-in areas that are shaded Req. 1 DEBIT CREDIT Journal DATE ACCOUNTS AND EXPLANATIONS P10-15A Journalizing liability transactions LO 1, 2 [30-40 minutes] The following transactions of Denver Pharmacies occurred during 2011 and 2012: Purchased computer equipment at a cost of $9,000, signing a six-month, 6% note payable for that amount. Recorded the week’s sales of $64,000, three-fourths on credit, and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Sent the last week’s sales tax to the state. Borrowed $204,000 on a four-year, 10% note payable that calls for $51,000 annual installment payments plus interest. Record the current and long-term portions of the note payable in two separate accounts. Paid the six-month, 6% note, plus interest, at maturity. Purchased inventory for $12,000, signing a six-month, 9% note payable. Accrued warranty expense, which is estimated at 2% of sales of $603,000. Accrued interest on all outstanding notes payable. Make a separate interest accrual for each note payable. Jan 9 Feb 5 Jul 9 Aug 31 Dec 31 Paid the first installment and interest for one year on the four-year note payable. Paid off the 9% note plus interest at maturity. Feb 28 Journalize the transactions in Denver’s general journal. Explanations are not required. Cash ($64,000 X 1/4 X 1.06) Jan 29 Interest payable Accounting, 9e Student name here Date here 2011.00 29.00 28.00 31.00 2012.00 29.00 2011.00 16960.00 64000.00 0.25 1.06 31.00 0.00 31.00 2012.00 Print Test Your Knowledge P10-15A PrintTYK Test Your Knowledge Student Name Course Name Student ID: Date: Requirements 1. Students please fill-in areas that are shaded Req. 1 DEBIT CREDIT Journal DATE ACCOUNTS AND…