On January 1, 2019, the ledger of Tamarisk, Inc. contains the following liability accounts.
A...
On January 1, 2019, the ledger of Tamarisk, Inc. contains the following liability accounts.
Accounts Payable $56,200
Sales Taxes Payable 7,300
Unearned Service Revenue 16,400
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 $10,500. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2018 ($7,300).
20 Sold 890 units of a new product on credit at $50 per unit, plus 8% sales tax.
21 Borrowed $31,500 from Girard Bank on a 3-month, 8%, $31,500 note.
25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes.
Required:
(a) Journalize the January transactions.
Answers: 3
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