On January 1, 2018, the ledger of Hiatt Company contained these liability accounts Accounts Payable $42,500 Sales Taxes Payable 6,600 During January, the following selected transactions occurred Jan. 1. Borrowed $ 18,000 in cash from Banco El Popular on a 4-month, 5%, $18,000 note 5. Sold merchandise for cash totaling $6,254 which includes 6% sales tax. 12. Paid state treasure's department for sales collected in December 2017, $6,600 18. Sold 500 units of a new product on credit at $48 per unit, plus 6% sales Tax Instructions (a) Journalize the January transactions (b) Journalize the adjusting entry at January 31, 2018 for the outstanding note payable (c) Prepare the current liability section of the balance sheet at January 31, 2018 Assume no change in Accounts Payable