Question 7 On January 1, 2017, the ledger of Wildhorse Ltd. contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue 56,920 6,840 16,880 During January, the following selected transactions occurred. Jan. 5 12 14 20 21 25 Sold merchandise for cash totaling 17,869, which includes 7% sales taxes. Performed services for customers who had made advance payments of 11,940. (Credit Service Revenue.) Paid revenue department for sales taxes collected in December 2016 (6,840). Sold 580 units of a new product on credit at 52 per unit, plus 7% sales tax. Borrowed 20,250 from DeKalb Bank on a 3-month, 6%, 20,250 note. Sold merchandise for cash totaling 11,759, which includes 7% sales taxes. Prepare the current liabilities section of the statement of financial position at January 31, 2017. Assume no change in accounts payable. WILDHORSE LTD. Statement of Financial Position V By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor