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Hi someone can help me to get solutions P 10-1B and E 10-5B Please Chapter 10: Reporting and Analyzing Liabilities P10-1B: On January 1, 2014,
Hi someone can help me to get solutions P 10-1B and E 10-5B Please
Chapter 10: Reporting and Analyzing Liabilities P10-1B: On January 1, 2014, the ledger of Zaur Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue 15,000 $42,500 5,800 During January, the following selected transactions occurred. Borrowed $15,000 in cash from Platteville Bank on a 4-month, 6%, $15k note. Sold merchandise for cash totaling $9,434, which includes 6% sales taxes. Provided services for customers who had made advance payments of $9,000. Paid $5.8k state treasurer's department for sales taxes collected in Dec. 2013, sold 700 units of a new product on credit at $44 per unit, plus 6% sales tax. 5 12 14 20 Instructions: (a) Journalize the January transactions. (b) Journalize the adjusting entries at January 31 for the outstanding notes payable. (c) Prepare the current liabilities section of the balance sheet at January 31, 2014. Assume no change in accounts payable. E10-5B: During the month of December, Novel Company's employees earned wages of $70,000 Withholdings related to these wages were $5,355 for Social Security (FICA), $8,000 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $900 for state unemployment tax. Instructions (a) Prepare the necessary December 31 journal entry to record wages expense and wages payable. Assume that wages earned during December will be paid during January (b) Prepare the entry to record the company's payroll tax expenseStep by Step Solution
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