P10-1a on january 1, 2015, the ledger of accardo company contains the

P10-1A On January 1, 2015, the ledger of Accardo Company contains the following liability accounts.

Accounts Payable                        $52,000

Sales Taxes Payable                    7,700

Unearned Service Revenue           16,000

 

During January, the following selected transactions occurred.

Jan. 5  Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.

12 Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.)

14Paid state revenue department for sales taxes collected in December 2014 ($7,700).

20Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax.

21Borrowed $27,000 from Girard Bank on a 3-month, 8%, $27,000 note.

25Sold merchandise for cash totaling $12,420, which includes 8% sales taxes.

 

Instructions

a)     Journalize the January transactions.

b)    Journalize the adjusting entry at January 31 for the outstanding note payable. (Hint: Use one-third of a month for the Girard Bank note.)

 

c)     Prepare the current liabilities section of the balance sheet at January 31, 2015.  Assume no change in accounts payable.

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