Problem 10-1A (Part Level Submission) On January 1, 2019, the ledger of Kingbird, Inc. contains the following liability accounts. Accounts Payable Sales Taxes Payable $56,400 7,400 16,400 Unearned Service Revenue 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 $11,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2018 ($7,400). 20 Sold 810 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note. 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes. Your answer is partially correct. Try again. 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 v Interest Expense 50 X Interest Payable 50