On January 1, 2022, Pharoah Company's accounting records contained these liability accounts. $44.200 Accounts Payable Sales Taxes Payable 8,300 Unearned Service Revenue 20.700 During January, the following selected transactions occurred. Jan. 1 5 12 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $6,678, which includes 6% sales taxes. Performed services for customers who had made advance payments of $12,100. (Record Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021, $8,300. Sold 670 units of a new product on credit at $55 per unit, plus 6% sales tax. 14 20 During January, the company's employees earned wages of $71,300. Withholdings related to these wages were $5,454 for FICA, $5,093 for federal income tax, and $1,528 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax Assume that wages earned during January will be paid during February. Wages or payroll tax expense have not been recorded as of January 31. Assets Cash Accts. Rec. Notes Pay. Act Bal $ 18,000 $ 18.000 $ Jan. 1 Jan, 5 6,678 Jan. 12 Jan. 14 8.300 Jan. 20 Adj Jan. 31 Jan, 31 Jan. 31 Bal. 16,378 18.000 Liat Acct. Pay. Salaries & Wages Pay. + Unearned Serv. Rev. + Sales Taxes Pay. 44.200 $ $ $ 20,700 $ 8,300 - 12.100 -8,300 71,300 44,200 71,300 8,600 Interest Pay. FICA Taxes Pay Fed. Inc. Taxes Pay. St. Inc. Taxes Pay. $ $ 1 5.454 5,093 1.528 5,454 10.908 5,093 1.528 Stockholders' Equity Paid-in-Capital Retain State Unemp. Taxes Pay. Common Stock Revenue Expense 5 $ I 12.100 -71.300 -5,454 Stockholders' Equity Retained Earnings Revenue Expense Dividend $ A Sales revenue Service revenue 12.100 Sales revenue Interest expense . -71,300 Salaries & wages expense -5.454 Payroll tax expense