Date Account Titles and Explanation Debit Credit Jan. 5 Jan. 12 Jan. 14 Jan. 20

Question

Date

Account Titles and Explanation

Debit

Credit

Jan. 5

Jan. 12

Jan. 14

Jan. 20

Jan. 21

Jan. 25

No.

Date

Account Titles and Explanation

Debit

Credit

Accardo Company
Balance Sheet (Partial)
January 31, 2014

On January 1, 2014, the ledger of Accardo Company contains the following liability accounts.
Accounts Payable $56,490 Sales Taxes Payable 7,670 Unearned Service Revenue 15,710
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $17,388, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $11,420. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2013 ($7,670). 20 Sold 950 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 $9,720, which includes 8% sales taxes.

Explanation / Answer

1)

2)

3)

Date Account Titles and Explanation Debit Credit Jan. 5 Cash 17388 Sales Revenue 16100 Sales Taxes Payable 1288 Jan. 12 Unearned Service Revenue 11420 Service Revenue 11420 Jan. 14 Sales Taxes Payable 7670 Cash 7670 Jan. 20 Accounts Recievable 51300 Sales Revenue 47500 Sales Taxes Payable 3800 Jan. 21 Cash 27000 Notes Payable 27000 Jan. 25 Cash 9720 Sales Revenue 9000 Sales Taxes Payable 720

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