On January 1, 2025, the ledger of Ivanhoe Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 1 During January, the following selected transactions occurred. (a) 5 (b) 12 14 20 $42,900 During January, the company's employees earned wages of $74,000. Withholdings related to these wages were $5.661 for FICA, $5,064 for federal income tax, and $1,519 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. Date 7,000 Jan. 31 19,400 Jan. 31 Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $7,420, which includes 6% sales taxes. Performed services for customers who had made advance payments of $10,200. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2024, $7,000. Sold 540 units of a new product on credit at $47 per unit, plus 5% sales tax. (To record the interest on outstanding notes payable) Debit Credit

On January 1,2025 , the ledger of Ivanhoe Company contained these liability accounts. During January, the following selected transactions occurred. Jan 1 Borrowed $18,000 in cash from Apox Bankon a 4-month, 5\%, 518,000 note. 5 Sold merchandise for cash totaline $7.420, which includes 6$3 sales taves: 12 Performed services for customers who had made advance payments of $10,200. (Credit Service Revenue) 14 Paidstate treasurer's department for sales taxes collected in December 2024,57,000. 20 Sold 540 units of a new product on credit at 547 per unit plus 5% sales tax During January, the compary/s employees earned wages of $74,000. Witholdings related to these wages ware $5,661 for FICA. $5,064 for federal income tax, and $1,519 for state income tac The company owed no money related to these eaming for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had becn recorded for wages or payroll tax expense as of January 31 (a) (b) Journalize the adjusting entries at January 31 for the outstanding note poyable and for salaries and wages ecpense and payroll tax expense. (Ust all debit entries before credit entries. Credt occount titles are outomatically indented when amount is entered. Do not indent manually if no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (Uist all debit entries before credit entries. Credit occount titles are outomotically indented when amount is entered. Do not indent manually. If no entry is required, select 'No Entry' for the account tities and enter O for the amounts) Date Account Titles and Explanation Debit Credit Jan31 (To record the interest on outstanding notes payable) Jan31 (To record payroll and withholding tawes) Jan31 (To record employer's payroll taxes) eTextbock and Media List of Accounts Saretertate Attempts: 0 of 3 used sibmit Answer (c)