Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help with part b! Thank you so much! On January 1, 2022, the ledger of Sheridan Company contained these liability accounts. During January, the
please help with part b! Thank you so much!
On January 1, 2022, the ledger of Sheridan Company contained these liability accounts. During January, the following selected transactions occurred. Jan. 1 Borrowed $22,900 in cash from Apex Bank on a 4-month, 5%,$22,800 note. Interest will be paid at maturity. 5 Sold merchandise for cash totaling $5,B30, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue) 14 Paid state treasurer's department for sales tawes collected in December 2021, $7,320. 20 Sold 800 units of a new product on credit at $49 per unit, plus 6% sales tax During January, the company's employees earmed wages of $60,000. Withholdings related to these wages were $4,590 for FICA, $4,300 for federal income tax, and $1,300 for state income tax. The compary 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 recarded for wages or payroll tax expense as of January 31. (a) Journalize the January transactions. (Credit account tities are dutomatically 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.) Date Account Titles and Explanation Debit Credit tan5 tan20 eTextbook and Media List of Accounts Attempts: 3 of 3 used (b) Journalize the adjusting entries at January 31 for the cutstanding note payable and for salaries and wages expense and payroll tax expense. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts]Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started