UPDATED QUESTION: prepare the income statement

On January 1, 2022, the ledger of Cullumber Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $42,800 6,900 19,300 During January, the following selected transactions occurred. Jan. 1 5 12 14 20 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $5,512, which includes 6% sales taxes. Performed services for customers who had made advance payments of $11,800. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021, $6,900. Sold 530 units of a new product on credit at $50 per unit, plus 6% sales tax. During January, the company's employees earned wages of $72,000. Withholdings related to these wages were $5,508 for Social Security (FICA), $5,050 for federal income tax, and $1,515 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. Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable. CULLUMBER COMPANY Balance Sheet (Partial) January 31, 2022 Current Liabilities Accounts Payable $ sales tax payable Unearned Service Revenue Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (Credit is entered. Do not indent manually.) Date Account Titles and Explanation M Jan. 31 interest expense Debit Credit 75 interest payable (To record the interest on outstanding notes payable.) 75 Jan. 31 salaries and wages expense 72000 FICA taxes payable 550B federal income taxes payable 5050 State Income Taxes Payable 1515 59927 salaries and wages payable (To record payroll and withholding taxes.) Jan 31 payroll tax expense 5508 SSOR FICA es payable (To record employer's payroll taxes.) problem. Round answers to nearest whole dollar amount, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 cash 18000 notes payable 18000 Jan. 5 cash 5512 Sales revenue 5200 sales taxes payable 312 Jan 12v unearned service revenue 11800 Service Revenue 11800 Jan 14 Sales Taxes Payable 6900 Cash 6900 Jan 20 Accounts Receivable 28090 Sales Revenue 26500 Sales Taxes Payable 1590