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ABC Company had the following transactions during 2019: May 1: received 6000$ cash in advance for services to be provided over the coming 10 months.

ABC Company had the following transactions during 2019:

May 1: received 6000$ cash in advance for services to be provided over the coming 10 months.

August 5 : sold merchandise for 7,560$ including 8% sales tax.

September 1 : borrowed 20,000$ from FNB bank by issuing 6 months , 6% interests bearing note.

October 10: sold merchandise on account for 6,000$ plus 10% sales tax.

December 31 : prepared the adjusting entry to record the service revenue earned.

December 31 : prepared the adjusting entry to record the accrued interest to FNB bank.

December 31: remitted the sales taxes to the government.

The earned amount of the service revenue on December 31 is" *

$3,500

$4,000

$4,500

$5,000

The remaining balance of the Unearned Service Revenue after December 31 is: *

Zero

$2,000

$3,000

$4,000

The accrued interest amount on December 31 on the borrowed amount from FNB Bank is: *

$300

$400

$500

None of the above

The amount of Taxes Payable remitted to the government on December 31 is: *

$560

$1,160

$1,720

$1,820

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