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some of those may be wrong, I just need help Problem 10-1A (Part Level Submission) On January 1, 2017, the ledger of Crane Company contained
some of those may be wrong, I just need help
Problem 10-1A (Part Level Submission) On January 1, 2017, the ledger of Crane Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $44,900 7,800 21,400 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. Sold merchandise for cash totaling $5,406, which includes 6% sales taxes. Performed services for customers who had made advance payments of $13,600. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2016, $7,800 Sold 740 units of a new product on credit at $49 per unit, plus 6% sales tax 5 12 14 20 During January, the company's employees earned wages of $75,300. Withholdings related to these wages were $5,760 for Social Security (FICA, $5,379 for federal income tax, and $1,614 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31. ornalize 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. Round answers to nearest whole dollar amount, e.g. 5,275.) Credit Date Account Titles and Explanation Debit 18000 Jan. 1 $ cash Notes Payable 18000 Jan. 5 # Cash 5406 Sales Revenue Sales Taxes Payable Jan. 12 Unearned Service Revenue Service Revenue Jan. 14 Sales Taxes Payable Cash Jan. 20 Accounts Receivable Sales Revenue Sales Taxes PayableStep by Step Solution
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