Weygandt, Accounting Principles, 12e Help I System Announcements 1 Unread) Probl

Question

Weygandt, Accounting Principles, 12e Help I System Announcements 1 Unread) Problem 11-1A (Part Level Submission) On January 1, 2017, the ledger of Accardo Company contains the following liability accounts. GNMENT RESOURCES dief FExercise 11-2 rief Exercise 11-3 arintExercisel riet Exercise 11-5 Accounts Payable Sales Taxes Payable Unearned Service Revenue 53,500 7,200 16,500 During January, the following selected transactions accurred. Jan. 5 Sold merchandise for cash totaling $2,492, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2016(7,200). 20 Sold 900 units of a new product on credit at $50 per unit, plus B% sales tax. This new product is subject to a 1-year warranty 21 Borrowed $29,2SO from Girard Bank on a 3-month, 8%, $29,250 note. 25 Sold merchandise ror cash totaling $12,744, which includes 8% sies takes. Brief Exercise 119 Exercise 11- Exercise 1 (Part Level Submissian) Exercise 11-9 Pas Journalize the January tranötions (Credit account titles are automaticaily indented when amount is entered. Do not indent maually Re presented in the problem Colapse question part Exercise 11-11 (Part Level Submision) (a) en 11-1A (Part Debit Credit Date Account Titles and Explanation eview Score

Explanation / Answer

Jan.5 Cash 21492      Sales Revenue 19900 =21492/108*100      Sales Taxes Payable 1592 Jan-12 Unearned Service Revenue 10500       Service Revenue 10500 14 Sales Taxes Payable 7200        Cash 7200 20 Accounts Receivable 48600      Sales Revenue 45000      Sales Taxes Payable 3600 21 Cash 29250       Notes Payable 29250 25 Cash 12744      Sales Revenue 11800 =12744/108*100      Sales Taxes Payable 944

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