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

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.

Required:

Prepare journal entries