On January 1,2019,the ledger of Kingbird, Inc.contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $56,400 7,400 16,400 During January, the following selected transactions occurred. Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Jan. 5 12 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2018 ($7,400) 20 Sold 810 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes