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SOLVE B On January 1,2025 , the ledger of Sandhill Co. contained these liability accounts. During January the following selected transactions occurred. Jan 1 Borrowed
SOLVE B On January 1,2025 , the ledger of Sandhill Co. contained these liability accounts. 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 cach totaling $6,360, which includes 6% sales taxes. 12. Performed services for customers who had made advance payments of $13,600. (Credit Service Revenue) 14 Paid state treasurer's department for sales taxes collected in December 2024, $8,700. 20 Sold 710 units of a new product on credit at $54 per unit, plus 5% sales tax. During January, the company's employees earned wages of $60,000. Withholdings related to these wages were $4,590 for FICA. $4,300 for federal income tax, and $1,560 for state income tax. The company owed no money related to these earnings for federal or state unemployment tak. Assume that wages earned during January will be pald during February. No entry had been recorded for wages or payroli tax expense as of Jamuary 31. Journalize the January transactions. Omit cost of goods sold entries. (List all debit entries before credit entries. Credit occount titles are outomatically inderited when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts, Record joumal entries in the order presented in the problem. Round answers to nearest whole dollar amount, es. 5,275.) Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (tist all debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent
SOLVE B
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