On January 1, 2022, the ledger of Oriole Company contains these liability accounts. Accounts Payable $55,500 Sales Taxes Payable 7,300 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. 12 14 22 20 21 22 25 25 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) Paid state revenue department for sales taxes collected in December 2021 ($7,300). 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. Borrowed $24,750 from Girard Bank on a 3-month, 8%, $24,750 note. Sold merchandise for cash totaling $7.560, which includes 8% sales taxes. 15 Cash les and Explanation Debit Sales Revenue Sales Taxes Payable 20,520 Credit 19,000 1,520 112 V Unearned Service Revenue 11,000 Service Revenue 114 Sales Taxes Payable 1.20 Cash Accounts Receivable Sales Revenue Sales Taxes Payable - 121 V Cash Notes Payable 1.25- Cash 7,300 48,600 24,750 7.560 Sales Revenue 11,000 7,300 45,000 3,600 24,750 7,000 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) Date Account Titles and Explanation Jan. 31 Interest Expense Interest Payable Debit 55 Jan. 311 Warranty Expense 3,150 Warranty Llability eTextbook and Media Credit 55 3,150 Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in accounts payable. Oriole Company Balance Sheet (Partial) January 31, 2022 Current Liabilities Sales Taxes Payable Total Current Liabilities