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During Janwary, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,$18,000 note. Interest will be puid
During Janwary, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,$18,000 note. Interest will be puid at maturity, 5 Sold merchandise for cash totaling 56,254 , which includes 6% sales taves. 12. Performed services for customers who had made advance payments of $10,000. (Credit Service Revenve.) 14 Paid atate treasurer's department for sales taxes collected in December 2024,56,600. 20 Sold 500 units of a new product on credit at 548 per unit, plus 6% sales tax. During January, the company's employees earned wages of $70,000. Withholdings related to these wages were 55.355 for FiCA, 55.000 for feleral income tax, and 3t soo for it income tax. The compaily owed no money related to these earnings for federal or itate unemployment tax. Assume that wayes earned during Jamaary will be paid during Februat entry had been recorded for wages or payroll tax expense as of Jasiury 31 . Instructions a. Journalize the January transactions. b. Journalize the adjusting entries at January 31 for the outstanding note gayable and for salaries and wages expenue and payroll tax eyenae c. Prepare the cutrent liablities section of the balance abeet at Januan'3t, 2022 . Aurarne no change lin decounts Payable. Jourmehize and post note transctions; show balizsee sheet presentation
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