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On January 1, 2022, the ledger of Coronado Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 12 During January, these selected transactions occurred. 14 20 21 $56,000 25 8,100 16,000 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 ($8,100). 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 $22,500 from Girard Bank on a 3-month, 8%, $22,500 note Sold merchandise for cash totaling $7,128, which includes 8% sales taxes

On January 1, 2022, the ledger of Coronado Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 12 During January, these selected transactions occurred. 14 20 21 $56,000 25 8,100 16,000 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 ($8,100). 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 $22,500 from Girard Bank on a 3-month, 8%, $22,500 note Sold merchandise for cash totaling $7,128, which includes 8% sales taxes

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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On January 1, 2022, the ledger of Coronado Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 12 During January, these selected transactions occurred. 14 20 21 $56,000 25 8,100 16,000 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 ($8,100). 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 $22,500 from Girard Bank on a 3-month, 8%, $22,500 note Sold merchandise for cash totaling $7.128, which includes 8% sales taxes
Transcribed Image Text:On January 1, 2022, the ledger of Coronado Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 12 During January, these selected transactions occurred. 14 20 21 $56,000 25 8,100 16,000 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 ($8,100). 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 $22,500 from Girard Bank on a 3-month, 8%, $22,500 note Sold merchandise for cash totaling $7.128, which includes 8% sales taxes
On January 1, 2022, the ledger of Coronado Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 12 During January, these selected transactions occurred. 14 20 21 $56,000 25 8,100 16,000 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 ($8,100). 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 $22,500 from Girard Bank on a 3-month, 8%, $22,500 note Sold merchandise for cash totaling $7.128, which includes 8% sales taxes
Transcribed Image Text:On January 1, 2022, the ledger of Coronado Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 12 During January, these selected transactions occurred. 14 20 21 $56,000 25 8,100 16,000 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 ($8,100). 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 $22,500 from Girard Bank on a 3-month, 8%, $22,500 note Sold merchandise for cash totaling $7.128, which includes 8% sales taxes
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