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Journalize the january transactions for lily company

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Reference no: EM132713250

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

Accounts Payable $55,500

Sales Taxes Payable 8,500

Unearned Service Revenue 17,000

During January, the following selected transactions occurred.

  1. Jan. 5Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
  2. 12Performed services for customers who had made advance payments of $11,500. (Credit Service Revenue.)
  3. 14Paid state revenue department for sales taxes collected in December 2019 ($8,500).
  4. 20Sold 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.21Borrowed $29,250 from Girard Bank on a 3-month, 8%, $29,250 note.
  5. 25Sold merchandise for cash totaling $7,776, which includes 8% sales taxes.

Problem 1: Journalize the January transactions

Reference no: EM132713250

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