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The following transactions of Lexington Marine Supply occurred during 2018 and 2019: Click the icon to view the transactions

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The following transactions of Lexington Marine Supply occurred during 2018 and 2019: Click the icon to view the transactions.) Requirement 1. Record the transactions in the company's journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest whole dollar.) Begin by journalizing the 2018 transactions, starting with the purchase of equipment on February 3. Feb 3: Purchased equipment for $20,000, signing a six-month, 5% note payable. Journal Entry Date Accounts Debit Credit Feb 3, 2018
More Info t co na 01 2018 Feb 3 Purchased equipment for $20,000, signing a six-month, 5% note payable. 28 Recorded the week's sales of $72,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 7% sales tax. Ignore cost of goods sold. Mar 7 Sent last week's sales tax to the state. Apr 30 Borrowed $240,000 on a four-year, 12% note payable that calls for annual payment of interest each April 30. Aug 3 Paid the six-month, 5% note at maturity. Nov 30 Purchased inventory at a cost of $9,300, signing a three-month, 4% note payable for that amount. Dec 31 Accrued warranty expense, which is estimated at 4.0% of total sales of $470,000 31 Accrued interest on all outstanding notes payable. Accrued interest for each note separately. 2019 Feb 28 Paid off the 4% inventory note, plus interest, at maturity. Apr 30 Paid the interest for one year on the long-term note payable. Print Done om