Please correct where i got wrong
On January 1, 2022, the ledger of Sunland Company contained these liability accounts Accounts Payable $44,400 Sales Taxes Payable 8,500 Unearned Service Revenue 20.900 During January, the following selected transactions occurred Jan. 1 5 12 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5% $18,000 note. Sold merchandise for cash totaling $5,724, which includes 6% sales taxes. Performed services for customers who had made advance payments of $11,700. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021. $8,500. Sold 690 units of a new product on credit at $46 per unit, plus 5% sales tax. 20 During January, the company's employees eamed wages of $64,000. Withholdings related to these wages were $4,898 for Social Security (FICA, $5,614 for federal income tax, and $1,684 for state income tax. The company owed no money related to these earnings for federal or state unemployment tac. 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 Your answer is partially 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 eg. 5.275.) Date Account Titles and Explanation Debit Jan 1 | Cash 18000 Notes Payable Jan 5 Cash 5724 Sales Revenue Sales Taxes Payable Jan 12 V Unearned Service Revenue 11700 Service Revenue Jan 14 Sales Taxes Payable 3500 Cash Jan 20 Accounts Receivable 33327 Sales Revenue Sales Taxes Payable e Textbook and Media Assistance Used List of Accounts - Your answer is partially correct 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. Interest Expense 31 Interest Payable To record the interest on outstanding notes payable. Jan. Salaries and Wages Expense 31 FICA Taxes Payable 78600 501: Federal Income Taxes Payable 5614 1684 65285 State Unemployment Tes Payable Salaries and Wages Payable (To record payroll and withholding taxes.) Payroll Tax Expense Jan 31 5013 8013 FICA Taxes Payable To record employer's payroll taxes.) e Textbook and Media Assistance Used List of Accounts Your answer is partially correct. Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable SUNLAND COMPANY Balance Sheet (Partial) January 31, 2022 Current Liabilities Accounts Payable 44400 Sales Taxes Payable 2228 Unearned Service Revenue 9200 Notes Payable 18000 Interest Payable 75 FICA Taxes Payable 12026 Federal Income Taxes Payable 5614 State Income Taxes Payable 1684 Salaries and Wages Payable 65289 Total Current Liabilities 158510 On January 1, 2022, the ledger of Sunland Company contained these liability accounts Accounts Payable $44,400 Sales Taxes Payable 8,500 Unearned Service Revenue 20.900 During January, the following selected transactions occurred Jan. 1 5 12 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5% $18,000 note. Sold merchandise for cash totaling $5,724, which includes 6% sales taxes. Performed services for customers who had made advance payments of $11,700. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021. $8,500. Sold 690 units of a new product on credit at $46 per unit, plus 5% sales tax. 20 During January, the company's employees eamed wages of $64,000. Withholdings related to these wages were $4,898 for Social Security (FICA, $5,614 for federal income tax, and $1,684 for state income tax. The company owed no money related to these earnings for federal or state unemployment tac. 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 Your answer is partially 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 eg. 5.275.) Date Account Titles and Explanation Debit Jan 1 | Cash 18000 Notes Payable Jan 5 Cash 5724 Sales Revenue Sales Taxes Payable Jan 12 V Unearned Service Revenue 11700 Service Revenue Jan 14 Sales Taxes Payable 3500 Cash Jan 20 Accounts Receivable 33327 Sales Revenue Sales Taxes Payable e Textbook and Media Assistance Used List of Accounts - Your answer is partially correct 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. Interest Expense 31 Interest Payable To record the interest on outstanding notes payable. Jan. Salaries and Wages Expense 31 FICA Taxes Payable 78600 501: Federal Income Taxes Payable 5614 1684 65285 State Unemployment Tes Payable Salaries and Wages Payable (To record payroll and withholding taxes.) Payroll Tax Expense Jan 31 5013 8013 FICA Taxes Payable To record employer's payroll taxes.) e Textbook and Media Assistance Used List of Accounts Your answer is partially correct. Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable SUNLAND COMPANY Balance Sheet (Partial) January 31, 2022 Current Liabilities Accounts Payable 44400 Sales Taxes Payable 2228 Unearned Service Revenue 9200 Notes Payable 18000 Interest Payable 75 FICA Taxes Payable 12026 Federal Income Taxes Payable 5614 State Income Taxes Payable 1684 Salaries and Wages Payable 65289 Total Current Liabilities 158510
