Not secure Return to Blackboard andt, Accounting Principles, 12e tudy & Practice

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Not secure Return to Blackboard andt, Accounting Principles, 12e tudy & Practice Gradebook ORION Dewnloadable eTextbook en Assignment OURCEs Question 1 On January 1, 2017, the ledger of Accardo Company contains the following lability accounts Accounts Payable Sales Taces Payable Unearned Service Revenue 53,500 7,900 16,000 During January, the following selected transactions occurred Jan. 5 Sold merchandise for cash totaling S 21.384, which hdudes B% sales tages. 12 Performed 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 2016 ($7,900) 20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1year warranty. 21 Borrowed $22.,500 from Girard Bank on a 3-month, 8%, $22,500 note 25 Sold merchandise for cash totaling $12,744, which includes 8% sales taxes (a) Journalize the January transactions.(Credit account titles are aut omatically Indented when amount is entered. Do not indent manu Date Account Titles and Explanation Debit Credit

Explanation / Answer

DR CR 5-Jan Cash 21384 Sales =21384*100/108 19800 Sales Tax Payable =21384*8/108 1584 12-Jan Unearned serivce revenue 10000 Service revenue 10000 14-Jan Sales Tax payable 7900 Cash 7900 20-Jan Account receivable 48600 Sales 45000 Sales Tax payable 3600 21-Jan Cash 22500 Note Receivable 22500 25 Cash 12744 Sales =12744*100/108 11800 Sales Tax Payable =12744*8/108 944

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