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In: Accounting
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 taxes collected in December 2021, $9,000. 20 Sold 740 units of a new product on credit at $49 per unit, plus 5% sales tax. During January, the company’s employees earned wages of $54,000. Withholdings related to these wages were $4,131 for Social Security (FICA), $5,379 for federal income tax, and $1,614 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.
Solutions
Expert Solution
| Date | Account Titles | Debit | Credit |
| Jan-01 | Cash | $ 18,000 | |
| Notes Payable | $ 18,000 | ||
| Jan-05 | Cash | $ 5,406 | |
| Sales Revenue | $ 5,100 | ||
| Sales Tax Payable | $ 306 | ||
| Jan-12 | Cash | $ 13,600 | |
| Service Revenue | $ 13,600 | ||
| Jan-14 | Sales Tax Payable | $ 9,000 | |
| Cash | $ 9,000 | ||
| Jan-20 | Cash | $ 38,436 | |
| Sales Revenue | $ 36,260 | ||
| Sales Tax Payable | $ 2,176 | ||
| Jan-31 | Wages Expense | $ 54,000 | |
| Social Security Taxes Payable | $ 4,131 | ||
| Federal Income Tax Payable | $ 5,379 | ||
| State Income Tax Payable | $ 1,614 | ||
| Wages Payable | $ 42,876 | ||
| Jan-31 | Payroll Tax Expense | $ 4,131 | |
| Social Security Taxes Payable | $ 4,131 | ||
| Jan-31 | Interest Expense | $ 75 | |
| Interest Payable | $ 75 |
Last entry was not asked in question, but i have still provided.
ekkarill92 answered 1 year agoRelated Solutions
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