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Problem 10-01A (Part Level Submission) On January 1, 2022, the ledger of Sheridan Company contained these liability accounts. Accounts Payable $43,200 Sales Taxes Payable 7,300

Problem 10-01A (Part Level Submission)

On January 1, 2022, the ledger of Sheridan Company contained these liability accounts.
Accounts Payable $43,200
Sales Taxes Payable 7,300
Unearned Service Revenue 19,700
During January, the following selected transactions occurred.
Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note.
5 Sold merchandise for cash totaling $5,936, which includes 6% sales taxes.
12 Performed services for customers who had made advance payments of $10,300. (Credit Service Revenue.)
14 Paid state treasurers department for sales taxes collected in December 2021, $7,300.
20 Sold 570 units of a new product on credit at $52 per unit, plus 5% sales tax.
During January, the companys employees earned wages of $80,000. Withholdings related to these wages were $6,120 for Social Security (FICA), $5,629 for federal income tax, and $1,689 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)

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

choose a transaction date

Jan. 1Jan. 5Jan. 12Jan. 14Jan. 20Jan. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

Jan. 1Jan. 5Jan. 12Jan. 14Jan. 20Jan. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

Jan. 1Jan. 5Jan. 12Jan. 14Jan. 20Jan. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

Jan. 1Jan. 5Jan. 12Jan. 14Jan. 20Jan. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

Jan. 1Jan. 5Jan. 12Jan. 14Jan. 20Jan. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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