On January 1, 2022, the ledger of Pharoah Company contained these liability accounts. 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 $7,420, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $11,100. (Credit Service Revenue) 14 Paidstate treasurer's department for sales taxes collected in December 2021.$7,200. 20 Sold 560 units of a new product on credit at $49 per unit, plus 5% sales tax. During January the company's employees earned wages of $78,000. With holdings related to these wages were $5,967 for 50 cial During January, the company's employees earned wages of $78,000. Withholdings related to these wages were $5,967 for 50cial Security (FICA), \$5,236 for federal income tax, and \$1,571 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 . Journalize the January transactions. (Credit occount titles are automatically indented when amount is entered. Do not indent manually. Record joumal entries In the onder presented in the problem. Round answers to nearest whole dollar amount, eg. 5.275.) \begin{tabular}{|l|l|} \hline Date & Account Titles and Explanation \\ \hline Jan 1 & Borrowing \\ \hline & Cosh \\ \hline \end{tabular} 7. Reviein Qusiz 6 - _w. pd Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable. Question 2 of 14