Current Attempt in Progress On January 1, 2022, the ledger of Swifty Company contains these ability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue 12 14 20 During January, these selected transactions occurred. Jan 5 21 $51,500 25 7,400 17.000 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue) Paid state revenue department for sales taxes collected in December 2021 ($7,400) Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $24.750 from Girard Bank on a 3-month, 8%, $24.750 note. Sold merchandise for cash totaling $10,908, which includes 8% sales taxes

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journalize the january transactions

Current Attempt in Progress
On January 1, 2022, the ledger of Swifty Company contains these ability accounts.
Accounts Payable
Sales Taxes Payable
Unearned Service Revenue
Jan 5
During January, these selected transactions occurred
(a)
12
14
20
21
$51,500
7,400
25
17.000
Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue)
Paid state revenue department for sales taxes collected in December 2021 ($7,400)
Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year
warranty.
Borrowed $24.750 from Girard Bank on a 3-month, 8 %, $24.750 note..
Sold merchandise for cash totaling $10,908, which includes 8% sales taxes
Transcribed Image Text:Current Attempt in Progress On January 1, 2022, the ledger of Swifty Company contains these ability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan 5 During January, these selected transactions occurred (a) 12 14 20 21 $51,500 7,400 25 17.000 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue) Paid state revenue department for sales taxes collected in December 2021 ($7,400) Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $24.750 from Girard Bank on a 3-month, 8 %, $24.750 note.. Sold merchandise for cash totaling $10,908, which includes 8% sales taxes
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