On January 1, 2022, the ledger of Concord Company contains these liability accounts. Accounts Payable $54,000 Sales Taxes Payable 7,100 Unearned Service Revenue 16,500 During January, these selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. (a) 12 14 20 Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue.) Paid state revenue department for sales taxes collected in December 2021 ($7,100). Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. 21 Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note. 25 Sold merchandise for cash totaling $9,396, which includes 8% sales taxes. Your answer is correct. 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.) late Account Titles and Explanation 5 Cash Sales Revenue Sales Taxes Payable Debit 20520 12 Unearned Service Revenue 10500 14 Service Revenue Sales Taxes Payable Cash 7100 20 Accounts Receivable 48600 Sales Revenue Sales Taxes Payable 21 Cash Notes Payable .25 Cash Sales Revenue Sales Taxes Payable 27000 9396 Credit 19000 1520 10500 7100 45000 3600 27000 8700 696 (b) Your answer is correct. 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 Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (c) late Account Titles and Explanation .31 Interest Expense Interest Payable .31 Warranty Expense Warranty Llability eTextbook and Media List of Accounts Debit 60 3150 Credit 60 3150 Attempts: 1 of 3 used Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in accounts payable. Concord Company Balance Sheet (Partial) Current Liabilities $