Reference no: EM132652836
Problem - On January 1, 2014, the ledger of Shumway Company contains the following liability accounts.
Accounts Payable £52,000
Sales Taxes Payable £5,800
Unearned Service Revenue £14,000
During January, the following selected transactions occurred.
Jan 5: Sold merchandise for cash totaling $22,470, which includes 7% sales taxes.
Jan 12: Provided services for customers who had made advance payments of E10,000. (Credit Service Revenue).
Jan 14: Paid revenue department for sales taxes collected in December 2013 (E5,800).
Jan 20: Sold 600 units of a new product on credit at $50 per unit, plus 7% sales tax.
Jan 21: Borrowed $14,000 from Dekalb Bank on a 3-month, 8%, E14,000 note.
Jan 25: Sold merchandise for cash totaling $12,947, which includes 7% sales taxes.
Instructions -
(a) Journalize the January transactions.
(b) Journalize the adjusting entries at January 31 for the outstanding notes payable.
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