vaughn company

Vaughn Company's balance sheet at December 31,2021 , is presented below. During January 2022, the following transactions occurred. (Vaughn Company uses the perpetual inventory system.) 1. Vaughn paid $310 interest on the note payable on January 1,2022 . The note is due December 31,2023. 2. Vaughn purchased $323,764 of inventory on account. 3. Vaughn sold for $545,600 cash, inventory which cost $328,600. Vaughn also collected $35,464 in sales taxes. 4. Vaughn paid $285,200 in accounts payable. 5. Vaughn paid $21,080 in sales taxes to the state. 6. Paid other operating expenses of $37,200. Adjustment data: 8. Interest expense of $310 has been incurred in January on the notes payable. 9. The insurance for the year 2022 was prepaid on December 31,2021. 10. The equipment was acquired on December 31,2021 , and will be depreciated on a straight-line basis over 5 years with a $2,480 salvage value. 11. Employer's payroll taxes include 7.65\% FICA taxes, a 5.4\% state unemployment tax, and an 0.6% federal unemployment tax. Prepare journal entries for the transactions listed above and the adjusting entries. (Credit account titles are automatically indented No. Account Titles and Explanation Debit Credit 1. 2. 3. (To record sales revenue.) (To record cost of goods sold.) 4. 5. 6. 7. 8. 9. 10. 11