Question
In: Accounting
Problem 10-1A On January 1, 2017, the ledger of Ivanhoe Company contained these liability accounts. Accounts...
Problem 10-1A
On January 1, 2017, the ledger of Ivanhoe Company contained
these liability accounts.
| Accounts Payable | $44,000 | |
| Sales Taxes Payable | 7,350 | |
| Unearned Service Revenue | 20,500 |
During January, the following selected transactions
occurred.
| Jan. 1 | Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. | |
| 5 | Sold merchandise for cash totaling $6,360, which includes 6% sales taxes. | |
| 12 | Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) | |
| 14 | Paid state treasurer’s department for sales taxes collected in December 2016, $7,350. | |
| 20 | Sold 650 units of a new product on credit at $46 per unit, plus 6% sales tax. |
During January, the company’s employees earned wages of $71,200.
Withholdings related to these wages were $5,447 for Social Security
(FICA), $5,086 for federal income tax, and $1,526 for state income
tax. The company owed no money related to these earnings for
federal or state unemployment tax. Assume that wages earned during
January will be paid during February. No entry had been recorded
for wages or payroll tax expense as of January 31.
a) Journalize the January transactions
b) Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense.
c) Prepare the current liabilities section of the balance sheet at January 31. 207. Assume no change in Accounts payable.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Problem 10-1A On January 1, 2017, the ledger of Sheridan Company contained these liability accounts. Accounts...
Problem 10-1A
On January 1, 2017, the ledger of Sheridan Company contained
these liability accounts.
Accounts Payable
$43,200
Sales Taxes Payable
6,950
Unearned Service Revenue
19,700
During January, the following selected transactions
occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5
Sold merchandise for cash totaling $5,936, which includes 6%
sales taxes.
12
Performed services for customers who had made advance payments
of $10,300. (Credit Service Revenue.)
14
Paid state treasurer’s department...
Problem 10-1A On January 1, 2017, the ledger of Crane Company contained these liability accounts. Accounts...
Problem 10-1A On January 1, 2017, the ledger of Crane Company
contained these liability accounts. Accounts Payable $42,700 Sales
Taxes Payable 6,700 Unearned Service Revenue 19,200 During January,
the following selected transactions occurred. Jan. 1 Borrowed
$18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5
Sold merchandise for cash totaling $7,314, which includes 6% sales
taxes. 12 Performed services for customers who had made advance
payments of $11,100. (Credit Service Revenue.) 14 Paid state
treasurer’s department...
Problem 10-1A On January 1, 2017, the ledger of Cullumber Company contained these liability accounts. Accounts...
Problem 10-1A
On January 1, 2017, the ledger of Cullumber Company contained
these liability accounts.
Accounts Payable $43,900
Sales Taxes Payable 7,300
Unearned Service Revenue 20,400
During January, the following selected transactions
occurred.
Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5 Sold merchandise for cash totaling $6,572, which includes 6%
sales taxes.
12 Performed services for customers who had made advance payments
of $12,000. (Credit Service Revenue.)
14 Paid state treasurer’s department...
Problem 10-1A On January 1, 2017, the ledger of Crane Company contained these liability accounts. Accounts...
Problem 10-1A On January 1, 2017, the ledger of Crane Company
contained these liability accounts. Accounts Payable $42,700 Sales
Taxes Payable 6,700 Unearned Service Revenue 19,200 During January,
the following selected transactions occurred. Jan. 1 Borrowed
$18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5
Sold merchandise for cash totaling $7,314, which includes 6% sales
taxes. 12 Performed services for customers who had made advance
payments of $11,100. (Credit Service Revenue.) 14 Paid state
treasurer’s department...
On January 1, 2022, the ledger of Ivanhoe Company contained these liability accounts. Accounts Payable $44,000...
On January 1, 2022, the ledger of Ivanhoe Company contained
these liability accounts.
Accounts Payable
$44,000
Sales Taxes Payable
8,100
Unearned Service Revenue
20,500
During January, the following selected transactions occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5
Sold merchandise for cash totaling $6,360, which includes 6%
sales taxes.
12
Performed services for customers who had made advance payments
of $11,000. (Credit Service Revenue.)
14
Paid state treasurer’s department for sales...
On January 1, 2017, the ledger of Sheridan Company contained these liability accounts. Accounts Payable $44,300...
On January 1, 2017, the ledger of Sheridan Company contained
these liability accounts. Accounts Payable $44,300 Sales Taxes
Payable 7,500 Unearned Service Revenue 20,800 During January, the
following selected transactions occurred. Jan. 1 Borrowed $18,000
in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold
merchandise for cash totaling $6,254, which includes 6% sales
taxes. 12 Performed services for customers who had made advance
payments of $12,500. (Credit Service Revenue.) 14 Paid state
treasurer’s department for sales...
Problem 10-01A On January 1, 2022, the ledger of Sandhill Co. contained these liability accounts. Accounts...
Problem 10-01A
On January 1, 2022, the ledger of Sandhill Co. contained these
liability accounts.
Accounts Payable
$44,600
Sales Taxes Payable
8,700
Unearned Service Revenue
21,100
During January, the following selected transactions
occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5
Sold merchandise for cash totaling $6,360, which includes 6%
sales taxes.
12
Performed services for customers who had made advance payments
of $13,600. (Credit Service Revenue.)
14
Paid state treasurer’s department...
On January 1, 2022, the ledger of Crane Company contained these liability accounts. Accounts Payable $44,900...
On January 1, 2022, the ledger of Crane Company contained these
liability accounts. Accounts Payable $44,900 Sales Taxes Payable
9,000 Unearned Service Revenue 21,400 During January, the following
selected transactions occurred. Jan. 1 Borrowed $18,000 in cash
from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise
for cash totaling $5,406, which includes 6% sales taxes. 12
Performed services for customers who had made advance payments of
$13,600. (Credit Service Revenue.) 14 Paid state treasurer’s
department for sales...
On January 1, 2017, the ledger of Sheridan Company contains the following liability accounts. Accounts Payable...
On January 1, 2017, the ledger of Sheridan Company contains the
following liability accounts.
Accounts Payable
$44,700
HST Payable
6,600
Unearned Revenue
13,800
During January, the following selected transactions
occurred.
Jan. 2
Borrowed $23,000 from Canada Bank on a three-month, 6%, $23,000
note.
5
Sold merchandise for cash totalling $17,600 plus 13% HST.
12
Performed services for customers who had made advance payments
of $8,600. The payment included HST of $990. (Credit Service
Revenue.)
14
Paid Receiver General for HST...
The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2017.
The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2017.
FICA Taxes Payable...................................................................................$ 760.00
Federal Income Taxes Payable.............................................................1,204.60
State Income Taxes Payable.....................................................................108.95
Federal Unemployment Taxes Payable................................................288.95
State Unemployment Taxes Payable.................................................1,954.40
Union Dues Payable....................................................................................870.00
U.S. Savings Bonds Payable.....................................................................360.00
In January, the following transactions occurred.
Jan. 10 Sent check for $870.00 to union treasurer for union dues.
12 Remitted check for $1,964.60 to the Federal Reserve bank for FICA taxes and federal income taxes withheld....
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