Problem 11-1A On January 1, 2017, the ledger of Accardo Company contains the following liability accounts. Accounts Payable $54,500 Sales Taxes Payable 7,700 Unearned Service Revenue 16,500 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,412, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2016 ($7,700). 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 $11,880, which includes 8% sales taxes. 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. 5Jan. 12Jan. 14Jan. 20Jan. 21Jan. 25Jan. 31 Jan. 5Jan. 12Jan. 14Jan. 20Jan. 21Jan. 25Jan. 31 Jan. 5Jan. 12Jan. 14Jan. 20Jan. 21Jan. 25Jan. 31 Jan. 5Jan. 12Jan. 14Jan. 20Jan. 21Jan. 25Jan. 31 Jan. 5Jan. 12Jan. 14Jan. 20Jan. 21Jan. 25Jan. 31 Jan. 5Jan. 12Jan. 14Jan. 20Jan. 21Jan. 25Jan. 31 Link to Text Link to Text Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product. (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. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. Jan. 5Jan. 12Jan. 14Jan. 20Jan. 21Jan. 25Jan. 31 2. Jan. 5Jan. 12Jan. 14Jan. 20Jan. 21Jan. 25Jan. 31 Link to Text Link to Text Prepare the current liabilities section of the balance sheet at January 31, 2017. Assume no change in accounts payable. Accardo Company Balance Sheet (Partial) For the Quarter Ended January 31, 2017January 31, 2017For the Year Ended January 31, 2017 Current AssetsCurrent LiabilitiesTotal Current AssetsTotal Current LiabilitiesLong-term InvestmentsShort-Term InvestmentsIntangible AssetsTotal Intangible AssetsOwner's EquityTotal Owner's EquityProperty, Plant and EquipmentTotal Property, Plant and EquipmentTotal AssetsTotal Liabilities and Owner's Equity $ Current Assets Short-Term Investments Property, Plant and Equipment Long-term Investments Owner's Equity Total Owner's Equity Current Liabilities Total Property, Plant and Equipment Total Assets Total Liabilities and Owner's Equity Total Current Assets Intangible Assets Total Intangible Assets Total Current Liabilities $