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Part B: journalize the adjusting entries Problem 10-1A (Part Level Submission) On January 1, 2017, the ledger of Crane Company contained these liability accounts $44,900
Part B: journalize the adjusting entries
Problem 10-1A (Part Level Submission) On January 1, 2017, the ledger of Crane Company contained these liability accounts $44,900 7,800 21,400 Accounts Payable Sales Taxes Payable Unearned Service Revenue During January, the following selected transactions occurred Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 596, $18,000 note Sold merchandise for cash totaling $5,406, which includes 6% sales taxes. Performed services for customers who had made advance payments of $13,600. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2016, $7,800. Sold 740 units of a new product on credit at $49 per unit, plus 6% sales tax. 5 12 14 20 During January, the company's employees earned wages of $75,300. Withholdings related to these wages were $5,760 for Social Security (FICA), $5,379 for federal income tax, and $1,614 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. (a) ] Your answer is correct. 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 18000 Jan. 1 cash Notes Payable 18000 5406 Jan. 5 Cash 5100 Sales Revenue Sales Taxes Payable 306 13600 Jan. 12 Unearned Service Revenue 13600 Service Revenue 7800 Jan. 14 Sales Taxes Payable 7800 Cash Date Account Titles and Explanation Debit Credit 18000 Jan. 1 #| |cash 18000 Notes Payable Cash 5406 Jan. 5 5100 Sales Revenue 306 Sales Taxes Payable |Unearned Service Revenue Jan. 12 13600 13600 Service Revenue tan. 145 7800 Sales Taxes Payable 7800 Cash 38436 Jan. 20 Accounts Receivable 36260 Sales Revenue 2176 Sales Taxes Payable Prepare the current liabilities section of the balance sheet at January 31, 2017. Assume no change in Accounts Payable. CRANE COMPANY Balance Sheet (Partial) January 31, 2017
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