Prepare a tabular summary to record the January transactions and the adjustments on January 31 for the outstanding note payable and the salaries and wages expense and payroll tax expense. Include margin explanations for the changes in revenues and expenses.

On January 1, 2022, Sandhill Co.s accounting records contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $44,600 8.700 21,100 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 $5,300, which includes 6% sales taxes. Performed services for customers who had made advance payments of $13,600. (Record Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021.$8,700 Sold 710 units of a new product on credit at $50 per unit, plus 6% sales tax. 14 20 During January, the company's employees earned wages of $72,800. Withholdings related to these wages were $5,569 for FICA $5,200 for federal income tax, and $1.560 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. Wages or payroll tax expense have not been recorded as of January 31. Assets Cash Accts. Rec. Notes Pay. Aci Bal. Jan. 1 Jan. 5 Jan. 12 Jan. 14 Jan. 20 Adj. Jan. 31 Jan. 31 Jan. 31 Bal. Acct. Pay. + Salaries & Wages Pay. + Unearned Serv. Rev. Sales Taxes Pay. $ $ Interest Pay. FICA Taxes Pay Fed. Inc. Taxes Pay. $ St.Inc. Taxes Pa $ $ Stockholders' Equity Retai Expense Paid-in-Capital Common Stock State Unemp. Taxes Pay. + + Revenue $ S