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On January 1, 2015, the ledger of Accardo Company contains the following liability accounts. Accounts payable $52,620 Sales Taxes Payable 7,860 Unearned Service Revenue 16,310
On January 1, 2015, the ledger of Accardo Company contains the following liability accounts. Accounts payable $52,620 Sales Taxes Payable 7,860 Unearned Service Revenue 16,310 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $15,552, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $10,580. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2014 ($7,860). 20 Sold 800 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. 25 Sold merchandise for cash totaling $8,748, which includes 8% sales taxes. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Jan. 5 Jan. 12 Jan. 14 Jan. 20 Jan. 21
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