On January 1, 2020, the ledger of Sheridan Luggage contains the following liability accounts (amounts in thousands). Accounts Payable NT$56,000 Sales Taxes Payable 8,700 Unearned Service Revenue 16,500 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$12,000. (Credit Service Revenue.) 14 Paid revenue department for sales taxes collected in December 2019 (NT$8,700). 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$29,250 from First National Bank on a 3-month, 8%, NT$29,250 note. 25 Sold merchandise for cash totaling NT$10,368, which includes 8% sales taxes. ournalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
On January 1, 2020, the ledger of Sheridan Luggage contains the following liability accounts (amounts in thousands). Accounts Payable NT$56,000 Sales Taxes Payable 8,700 Unearned Service Revenue 16,500 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$12,000. (Credit Service Revenue.) 14 Paid revenue department for sales taxes collected in December 2019 (NT$8,700). 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$29,250 from First National Bank on a 3-month, 8%, NT$29,250 note. 25 Sold merchandise for cash totaling NT$10,368, which includes 8% sales taxes. ournalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On January 1, 2020, the ledger of Sheridan Luggage contains the following liability accounts (amounts in thousands).
| Accounts Payable | NT$56,000 | |
| Sales Taxes Payable | 8,700 | |
| Unearned Service Revenue | 16,500 |
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$12,000. (Credit Service Revenue.) | |
| 14 | Paid revenue department for sales taxes collected in December 2019 (NT$8,700). | |
| 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$29,250 from First National Bank on a 3-month, 8%, NT$29,250 note. | |
| 25 | Sold merchandise for cash totaling NT$10,368, which includes 8% sales taxes. |
ournalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record
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