On January 1, 2020, the ledger of Splish Brothers Inc. contains the following liability accounts. Accounts Payable $52,500 7,200 Sales Taxes Payable Unearned Service Revenue 16,500 During January, the following selected transactions occurred. Jan. 5 12 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2019 ($7,200). 20 22 Sold 960 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $24,750 from Girard Bank on a 3-month, 8%, $24,750 note. 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes.