On January 1, 2022, the ledger of Romada Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $42,500 6,600 19.000 During January, the following selected transactions occurred. Jan. 1 5 12 14 Borrowed $18,000 in cash from Apex Bank on a 4-month 5%, $18,000 note. Sold merchandise for cash totaling $6.254, which includes 6% sales taxes Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) Pald state treasurer's department for sales taxes collected in December 2021. $6,600. Sold 500 units of a new product on credit at $48 per unit, plus 6% sales tax 20 During January, the company's employees earned wages of $70.000. Withholdings related to these wages were $5,355 for Social Security (FICA). $5,000 for federal income tax and $1.500 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 o January 31. 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) Debit Credit 75 Date Account Titles and Explanation Jan 31 Interest Expense Interest Payable (To record the interest on outstanding notes payable) Jan. 31 Salaries and Wages Expense 75 70000 5355 State Income Taxes Payable 1500 Federal Income Taxes Payable 5000 Salaries and Wages Payable (To record payroll and withholding taxes:) 58145 Jan 31 ROMADA COMPANY Balance Sheet (Partial)