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Date Account Titles Debit INCO Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please Introduction and show work without plagiarism please i give up vote for correct solution 

Date # Account Titles Debit Credit
Transcribed Image Text:Date # Account Titles Debit Credit
On January 1, 2024, the ledger of Sheridan Company contains the following liability accounts. Accounts Payable HST Payable Unearned Revenue 5 During January, the following selected transactions occurred. Jan. 2 Borrowed $23,000 from Canada Bank on a three-month, 6%, $23,000 note. 12 14 20 $44,700 6,600 25 13,800 Sold merchandise for cash totalling $17.600 plus 13% HST. Ignore any cost of goods sold entry. Performed services for customers who had made advance payments of $8,600. The payment included HST of $990. (Credit Service Revenue) Paid Receiver General for HST invoiced in December 2023 ($6,600). Sold 770 units of a new product on credit at $40 per unit, plus 13% HST. This new product is subject to a one-year warranty. Sold merchandise for cash totalling $10,800 plus 13% HST.
Transcribed Image Text:On January 1, 2024, the ledger of Sheridan Company contains the following liability accounts. Accounts Payable HST Payable Unearned Revenue 5 During January, the following selected transactions occurred. Jan. 2 Borrowed $23,000 from Canada Bank on a three-month, 6%, $23,000 note. 12 14 20 $44,700 6,600 25 13,800 Sold merchandise for cash totalling $17.600 plus 13% HST. Ignore any cost of goods sold entry. Performed services for customers who had made advance payments of $8,600. The payment included HST of $990. (Credit Service Revenue) Paid Receiver General for HST invoiced in December 2023 ($6,600). Sold 770 units of a new product on credit at $40 per unit, plus 13% HST. This new product is subject to a one-year warranty. Sold merchandise for cash totalling $10,800 plus 13% HST.
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