Reference no: EM13331226
On January 1, 2014, the ledger of Shumway Company contains the following liability accounts.
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Accounts Payable
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52,000
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Sales Taxes Payable
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5,800
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Unearned Service Revenue
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14,000
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During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $22,470, which includes 7% sales taxes.
12 Provided services for customers who had made advance payments of $10,000. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2013 ($5,800).
20 Sold 600 units of a new product on credit at $50 per unit, plus 7% sales tax.
21 Borrowed $14,000 from DeKalb Bank on a 3-month, 8%, $14,000 note.
25 Sold merchandise for cash totaling $12,947, which includes 7% sales taxes.
Instructions:
a. Journalize the January transactions. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
b. Journalize the adjusting entries at January 31 for the outstanding notes payable. (Hint: Use one-third of a month for the DeKalb Bank note.) (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
c. Prepare the current liabilities section of the balance sheet at January 31, 2014. Assume no change in accounts payable. (Round answers to 0 decimal places, e.g. 125.)
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