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Can someone please help!!! Problem 10-1A On January 1, 2017, the ledger of Sunland Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned
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Problem 10-1A On January 1, 2017, the ledger of Sunland Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $44,400 7,550 20,900 During January, the following selected transactions occurred Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note 5 12 14 Sold merchandise for cash totaling $5,724, which includes 6% sales taxes. Performed services for customers who had made advance payments of $11,700. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2016, $7,550 sold 690 units of a new product on credit at $46 per unit, plus 6% sales tax During January, the company's employees earned wages of $78,600, withholdings related to these wages were $6,013 for Social Security (FICA), $5,614 for federal income tax, and $1,684 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31 Your answer is partially correct. Try again Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem. Round answers to nearest whole dollar amount, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 18000Step by Step Solution
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