Problem 11-01A a-c (Video) On January 1, 2020, the ledger of Crane Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $50,000 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 2019 ($7,000) 20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty 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