Business, 15.10.2020 09:01 fitzghost

On January 1, 2020, the ledger of Sunland Company contains the following liability accounts. Accounts Payable $53,500
Sales Taxes Payable 7,200
Unearned Service Revenue 16,500

During January, the following selected transactions occurred.

Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
12 Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2019 ($7,200).
20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty.
21 Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note.
25 Sold merchandise for cash totaling $7,884, which includes 8% sales taxes.

Required:
Journalize the January transactions.

Answers: 2

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On January 1, 2020, the ledger of Sunland Company contains the following liability accounts. Accoun...