Problem 8-1 On January 1, 2017, Wildhorse Co.'s accounting records contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $43,600 7,150 20,100 During January, the following selected transactions occurred, Jan 1 Borrowed $18,000 in cash from Apex Bank on a 4 month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $6,890, which includes 6% sales taxes 12 Performed services for customers who had made advance payments of $10,800 (Record Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2016, $7.150. 20 Sold 610 units of a new product on credit at $54 per unit, plus 6% sales tax During January, the company's employees earned wages of $73,200. Withholdings related to these wages were $5,600 for Social Security (FICA), $5 earned during January will be paid during February, Wages or payroll tax expense have not been recorded as of January 31. Prepare a tabular summary to record the January transactions and the adjustments on January 31 for the outstanding note payable and the salaries front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to O decimal places, e Liabilities Assets + Sales Taxes Pay. Interes + Unearned Serv. Rev. Salaries & Wages Pay + . Acct. Pay. Notes Pay. Cash Accts. Rec. o for Social Security (ICA), 55.229 for federal income tax od 1,569 for state income. The cowowed no many rated to the came from me ry note payable and the salaries and wages expense and payroll tax expo (Il a transaction causes a masein Asse, abilities ar Stockholdersgilanti) vers to 6 decimal places, 275.) Stockholders' Equity Retained Liabilities Paid in Capital Common Dividend 1 Stock St. Inc. Taxes State Unemp. Pay. Taxes Pay Revenue + Fed. In Taxes Pay FICA Taxes Pay. Sales Taxes Pay. Interest Pay Problem 8-1 On January 1, 2017, Wildhorse Co.'s accounting records contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $43,600 7,150 20,100 During January, the following selected transactions occurred, Jan 1 Borrowed $18,000 in cash from Apex Bank on a 4 month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $6,890, which includes 6% sales taxes 12 Performed services for customers who had made advance payments of $10,800 (Record Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2016, $7.150. 20 Sold 610 units of a new product on credit at $54 per unit, plus 6% sales tax During January, the company's employees earned wages of $73,200. Withholdings related to these wages were $5,600 for Social Security (FICA), $5 earned during January will be paid during February, Wages or payroll tax expense have not been recorded as of January 31. Prepare a tabular summary to record the January transactions and the adjustments on January 31 for the outstanding note payable and the salaries front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to O decimal places, e Liabilities Assets + Sales Taxes Pay. Interes + Unearned Serv. Rev. Salaries & Wages Pay + . Acct. Pay. Notes Pay. Cash Accts. Rec. o for Social Security (ICA), 55.229 for federal income tax od 1,569 for state income. The cowowed no many rated to the came from me ry note payable and the salaries and wages expense and payroll tax expo (Il a transaction causes a masein Asse, abilities ar Stockholdersgilanti) vers to 6 decimal places, 275.) Stockholders' Equity Retained Liabilities Paid in Capital Common Dividend 1 Stock St. Inc. Taxes State Unemp. Pay. Taxes Pay Revenue + Fed. In Taxes Pay FICA Taxes Pay. Sales Taxes Pay. Interest Pay