Problem 10-1A (Part Level Submission) On January 1, 2019, the ledger of Cullumber Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $50,100 7,000 15,500 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2018 ($7,000). 20 Sold 800 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $22,500 from Girard Bank on a 3-month, 8%, $22,500 note. 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes. (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.) Date Account Titles and Explanation Debit Credit > Jan. 5 Cash 20520 205201 r 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.) Date Account Titles and Explanation Debit Credit T Jan. 5 Cash 20520 Sales Revenue 19000 Sales Taxes Payable 1520 Jan. 12 A Unearned Service Revenue 10000 T Service Revenue 10000 Jan. 14 21 Sales Taxes Payable 7000 Cash 7000 T Jan. 20 ||Accounts Receivable 3200 Sales Revenue 40000 Sales Taxes Payable 3200 Service Revenue 10000 Jan. 14 Sales Taxes Payable 7000T | Cash 7000 Jan. 20 A Taccoun Cash eivable 43200 1 Sales Revenue 40000 Sales Taxes Payable 3200 Jan. 21 Cash 22! Notes Payable 22500 Jan. 25 A Cash 12420 Sales Revenue 11500 Sales Taxes Payable 920 (b) Your answer is correct. Journalize the adjusting entry at January 31 for the outstanding note payable. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 9 Tinterest Expense T Interest Payable SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 1 of 2 used (c) Prepare the current liabilities section of the balance sheet at January 31, 2019. Assume no change in accounts payable. Collapse question part Cullumber Company (c) Prepare the current liabilities section of the balance sheet at January 31, 2019. Assume no change in accounts payable. Cullumber Company Balance Sheet (Partial) Attempts: 0 of 2 used
