Jan. 5 12 14 20 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) Paid state revenue department for sales taxes collected in December 2021 ($7.900). 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-yea
Jan. 5 12 14 20 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) Paid state revenue department for sales taxes collected in December 2021 ($7.900). 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-yea
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![On January 1, 2022, the ledger of Sunland Company contains these liability accounts.
Accounts Payable
Sales Taxes Payable
Unearned Service Revenue
12
During January, these selected transactions occurred.
14
20
Jan. 5 Sold merchandise for cash totaling $20.520, which includes 8% sales taxes.
21
$56,500
•
25
7,900
15.500
Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.]
Paid state revenue department for sales taxes collected in December 2021 ($7,900).
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 $11,016, which includes 8% sales taxes.
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F10d94bbf-64d3-42ea-bbce-f529cb677505%2Fac45c86f-1c41-43b3-9257-6d086446fe7a%2Fui04ql_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 1, 2022, the ledger of Sunland Company contains these liability accounts.
Accounts Payable
Sales Taxes Payable
Unearned Service Revenue
12
During January, these selected transactions occurred.
14
20
Jan. 5 Sold merchandise for cash totaling $20.520, which includes 8% sales taxes.
21
$56,500
•
25
7,900
15.500
Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.]
Paid state revenue department for sales taxes collected in December 2021 ($7,900).
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 $11,016, which includes 8% sales taxes.
4
![On January 1, 2022, the ledger of Sunland Company contains these liability accounts.
Accounts Payable
Sales Taxes Payable
Unearned Service Revenue
12
During January, these selected transactions occurred.
14
20
Jan. 5 Sold merchandise for cash totaling $20.520, which includes 8% sales taxes.
21
$56,500
•
25
7,900
15.500
Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.]
Paid state revenue department for sales taxes collected in December 2021 ($7,900).
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 $11,016, which includes 8% sales taxes.
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F10d94bbf-64d3-42ea-bbce-f529cb677505%2Fac45c86f-1c41-43b3-9257-6d086446fe7a%2Fty08lsg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 1, 2022, the ledger of Sunland Company contains these liability accounts.
Accounts Payable
Sales Taxes Payable
Unearned Service Revenue
12
During January, these selected transactions occurred.
14
20
Jan. 5 Sold merchandise for cash totaling $20.520, which includes 8% sales taxes.
21
$56,500
•
25
7,900
15.500
Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.]
Paid state revenue department for sales taxes collected in December 2021 ($7,900).
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 $11,016, which includes 8% sales taxes.
4
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