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On January 1, 2022, the ledger of Ivanhoe Company contained these liability accounts. Accounts Payable $44,000 Sales Taxes Payable 8,100 Unearned Service Revenue 20,500 During

On January 1, 2022, the ledger of Ivanhoe Company contained these liability accounts.
Accounts Payable $44,000
Sales Taxes Payable 8,100
Unearned Service Revenue 20,500
During January, the following selected transactions occurred.
Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note.
5 Sold merchandise for cash totaling $6,360, which includes 6% sales taxes.
12 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.)
14 Paid state treasurers department for sales taxes collected in December 2021, $8,100.
20 Sold 650 units of a new product on credit at $46 per unit, plus 6% sales tax.
During January, the companys employees earned wages of $96,000. Withholdings related to these wages were $7,344 for Social Security (FICA), $5,086 for federal income tax, and $1,526 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. No entry had been recorded for wages or payroll tax expense as of January 31.

image text in transcribedPART B

Journalize the adjusting entries at january 31 for the outstanding notes payable and for the salaries and wages exp and payroll tax expense

PART C

Prepare the current liabilites section of the balance sheet at january 31, 2022. assume no change in account payable

(a) 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. Round answers to nearest whole dollar amount, e.g. 5,275.) Date Account Titles and Explanation Debit Credit

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