On January 1, 2020, the ledger of Chuan-Kwang contains the following liability accounts (amounts in thousands). Accounts Payable NT$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 NT$20,520, which includes 8% sales taxes.          12 Performed services for customers who had made advance payments of NT$10,000. (Credit Service Revenue)          14 Paid revenue department for sales taxes collected in December 2019 (NT$7,700).          20 Sold 900 units of a new product on credit at NT$50 per unit, plus 8% sales tax. This new product is subject to a 1‐year warranty.          21 Borrowed NT$27,000 from First National Bank on a 3‐month, 8%, NT$27,000 note.          25 Sold merchandise for cash totaling NT$12,420, which includes 8% sales taxes. Instructions: Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product (Hint: Use one‐third of a month for the First National Bank note)

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.