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Sunland Corporation had the following selected transactions in the month of October. The company adjusts its accounts monthly. 1. At the end of October, Sunland

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Sunland Corporation had the following selected transactions in the month of October. The company adjusts its accounts monthly. 1. At the end of October, Sunland had earned service revenue of $26,000 that it had not yet billed. The company balled the client for this amount on November 15. The client pald half of the balance owing on November 30 with the balance due in six months. 2. On October 31 . Sunland determined it owed the government $36,000 in taxes for the month of October. Sunland was required to pay the October income tax on November 15. 3. Sunland charges interest of 12% on unpaid everdue imvices. On October 31 , the company had $71.000 in unpaid overdue invoices that were billed on September 1 . On November 1, the company codlected the $71,000 plus interest charges of $710. 4. The company has a 3\%, 5442,000 bank loan payable due in two years. Interest is payable on the first day of everymonth and was last paid on October 1. 5. Sunland has four employees who each earn $600 a day Salaries are normally pold at the beginning and the middle of each month for a ten-day work period. Salaries were last paid on October 15 and will be paid next on November 3

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