On January 1, 2022, the ledger of Lily Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue During January, these selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $11.500. (Credit Service Revenue) Paid state revenue department for sales taxes collected in December 2021 ($8,500). 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 $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. Sold merchandise for cash totaling $7,776, which includes 8% sales taxes. 12 14 20 $55.500 8,500 17,000 21 25

On January 1, 2022, the ledger of Lily Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue During January, these selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $11.500. (Credit Service Revenue) Paid state revenue department for sales taxes collected in December 2021 ($8,500). 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 $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. Sold merchandise for cash totaling $7,776, which includes 8% sales taxes. 12 14 20 $55.500 8,500 17,000 21 25

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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