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//edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: I Contact Us I Loa 9 Weygandt, Financial Accounting, 9e FINANCIAL ACCOUNTING (ACCT 02 tice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT On January 1, 2015, the ledger of Accardo Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $56,760 7,640 15,640 During January, the following selected transactions occurred. Jan. 5 12 14 20 21 25 Sold merchan dse for cash totaling $12,528, which includes 8% sales taxes. Performed services for customers who had made advance payments of $11,360. (Credit Service Revenue.) Paid state revenue department for sales taxes coliected in December 2014 ($7,640). Sold 950 units of a new product on credit at S50 per unit, plus 8% sales tax Borrowed $2,000 from Girard Bank on a 3-month, 8%, s2 7,000 note. Sold merchandise for cash totaling $12,312, which includes 8% sales taxes. (a) Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually,) Credit Debit Date Account Titles and Explanation Jan. 5 459 PM ^4011/12/2017 archExplanation / Answer
Date Account titles and explanations Debit Credit Jan.5 Cash 12528 Sales 11600 Sales taxes payable 928 [ Sold merchandise, sales= 12528/1.08] Jan12. Customer advances 11360 Service revenue 11360 [ Performed services] Jan14. Sales taxes payable 7640 Cash 7640 [paid sales taxes payable to govt] Jan20. Accounts receivable 51300 Sales 47500 Sales taxes payable 3800 [ Sold 950 units] Jan21. Cash 27000 Notes payable 27000 [ Borrowed on notes payable] Jan 25. Cash 12312 Sales 11400 Sales taxes payable 912 [Sold merchandise for cash]
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