On January 1, 2020, the ledger of ESG Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $52,000 8,800 16,000 During January, the following selected transactions occurred. Jan. 1 Borrowed $27,000 from Busey Bank on a 3-month, 8%, $27,000 note. 5 Sold merchandise for cash totaling $38,880, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $9,000. 14 Paid revenue department for sales taxes collected in December 2019 ($8,800). 20 Sold 800 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a one-year warranty. Warranty costs are expected to equal 7% of sales of the new product. (a) Journalize the January transactions. Date Debit Jan. 1 Jan. 5 Jan. 12 Jan. 14 Jan. 20 Credit (b) Prepare any necessary adjusting entries at January 31. Date Jan. 31 (adjusting entries) Debit Credit