On January 1, 2022, the ledger of Sheridan Company contained these liability accounts.

Accounts Payable		$43,200
Sales Taxes Payable		7,300
Unearned Service Revenue		19,700

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 $5,936, which includes 6% sales taxes.
12		Performed services for customers who had made advance payments of $10,300. (Credit Service Revenue.)
14		Paid state treasurers department for sales taxes collected in December 2021, $7,300.
20		Sold 570 units of a new product on credit at $52 per unit, plus 5% sales tax.

During January, the companys employees earned wages of $80,000. Withholdings related to these wages were $6,120 for Social Security (FICA), $5,629 for federal income tax, and $1,689 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.

Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable.

SHERIDAN COMPANY Balance Sheet (Partial) choose the accounting period For the Year Ended January 31, 2022January 31, 2022For the Month Ended January 31, 2022
select an opening subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
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select a closing subsection name Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity			$enter a total amount for this subsection

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 Jan. 1 Cash 18000 Notes Payable 18000 Jan. 5 Cash 5936 Sales Revenue 5600 Sales Taxes Payable 336 Jan. 12 Unearned Service Revenue 10300 Service Revenue 10300 Jan. 14 Sales Taxes Payable 7300 Cash 7300 Jan. 20 V || Accounts Receivable 31122 Sales Revenue 29640 Sales Taxes Payable 1482 JUUTAZE VE aujusly entes al Jalud y SI TU LE UULSLONY TULE Paydule a Tol dates all viages Experte du Peyr Ull Lax expense. CreuLaLLUUNIL Litres are duLUtd Lilly muereu wirell diri UNIL is enereu. UU HUL Muell and any Date Account Titles and Explanation Debit Credit ! Jan. 31 Interest Expense 75 Interest Payable 75 (To record the interest on outstanding notes payable.) Jan. 31 Salaries and Wages Expense 80000 FICA Taxes Payable 6120 Federal Income Taxes Payable 5629 State Income Taxes Payable 1689 Salaries and Wages Payable 66562 (To record payroll and withholding taxes.) Jan. 31 Payroll Tax Expense 6120 6120 FICA Taxes Payable (To record employer's payroll taxes.)