On January 1, 2020, the ledger of Lily Luggage contains the following liability accounts (amounts in thousands). Accounts Payable NT$55,500 Sales Taxes Payable 8.500 Unearned Service Revenue 17.000 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling NT$20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of NT$11,500. (Credit Service Revenue.) 14 Paid revenue department for sales taxes collected in December 2019 (NT$8,500). 20 Sold 900 units of a new product on credit at NT$50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed NT$29,250 from First Rational Bank on a 3-month, 8%, NT$29.250 note. 21 25 Sold merchandise for cash totaling NT$7,776, which includes 8% sales taxes. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Date Account Titles and Explanation Debit Credit Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the First National Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) No. Date Account Titles and Explanation Debit Credit 1. 2. Prepare the current liabilities section of the statement of financial position at January 31, 2020. Assume no change in accounts payable. Lily Luggage Statement of Financial Position (Partial) NT$ NT$