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Problem 2) On January 1, 2019, the ledger of Fleming Company contained the following liability accounts: Accounts Payable $52,000, Sales Taxes Payable 8,200, Unearned Service
Problem 2) On January 1, 2019, the ledger of Fleming Company contained the following liability accounts: Accounts Payable $52,000, Sales Taxes Payable 8,200, Unearned Service Revenue 11,000 During January, the following selected transactions occurred: Jan 1. Issued Bonds for 2,000,000, payable in 20 years, issued at 98, interest 12% Jan 2. Merchandise was sold for $10,600 including 6% sales tax Lignore COGS) Jan 4. Sold 100 shares of Common stock for $30, par value $15 Jan 10. Services were rendered for customers who had made advance payments of $5,000 Jan 31. Accrued salaries of 100,000. Withholdings related to the salaries included 9,000 for Social Security, 5,700 for federal income tax and $3,000 for state income tax. These wages will be paid on Feb Jan 31. Accrued the amount of interest that relates to the bonds issued on Jan 1 and payable on July 1. Instructions Journalize the January transactions. Omit explanations
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