Question
In: Accounting
On January 1, 2017, Blossom Company's accounting records contained these liability accounts. Accounts Payable $44,800 Sales...
On January 1, 2017, Blossom Company's accounting records contained these liability accounts.
| Accounts Payable | $44,800 | |
| Sales Taxes Payable | 7,750 | |
| Unearned Service Revenue | 21,300 |
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 $6,466, which includes 6% sales taxes. | |
| 12 | Performed services for customers who had made advance payments of $13,800. (Record Service Revenue.) | |
| 14 | Paid state treasurer’s department for sales taxes collected in December 2016, $7,750. | |
| 20 | Sold 730 units of a new product on credit at $45 per unit, plus 6% sales tax. |
During January, the company’s employees earned wages of $78,300.
Withholdings related to these wages were $5,990 for Social Security
(FICA), $5,593 for federal income tax, and $1,678 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. Wages or payroll tax expense
have not been recorded as of January 31.
| Cash | + | Accts. Rec. | = | Notes Pay. | + | Acct. Pay. | + | Salaries & Wages Pay. | + | Unearned Serv. Rev. | + | Sales Taxes Pay. | + | Interest Pay. | + | FICA Taxes Pay. | + | Fed. Inc. Taxes Pay. | + | St. Inc. Taxes Pay. | + | State Unemp. Taxes Pay. | + | Common Stock | + |
Revenue |
- | Expense | - | Dividend |
Bal
Jan 1
Jan 5
Jan 12
Jan 14
Jan 20 Adj.
Jan 31
Jan 31
Jan 31
Bal
Solutions
ekkarill92 answered 1 year agoRelated Solutions
On January 1, 2017, Sandhill Co.'s accounting records contained these liability accounts. Accounts Payable $43,500 Sales...
On January 1, 2017, Sandhill Co.'s accounting records contained
these liability accounts.
Accounts Payable
$43,500
Sales Taxes Payable
7,100
Unearned Service Revenue
20,000
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 $5,300, which includes 6%
sales taxes.
12
Performed services for customers who had made advance payments
of $10,600. (Record Service Revenue.)
14
Paid state treasurer’s department for sales taxes...
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...
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, 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...
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...
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, 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...
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