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Current Attempt in Progress On January 1, 2022, the ledger of Blossom Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue
Current Attempt in Progress On January 1, 2022, the ledger of Blossom Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 1 During January, the following selected transactions occurred. 12 (a) 14 20 $43,700 7,800 20,200 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $6,678, which includes 6% sales taxes. Performed services for customers who had made advance payments of $12,300. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021, $7,800. Sold 620 units of a new produ on credit at $45 per unit, plus 6% sales tax. During January, the company's employees earned wages of $90,000. Withholdings related to these wages were $6,885 for Social Security (FICA), $5,679 for federal income tax, and $1,704 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. Date 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.) Account Titles and Explanation Debit Credit
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