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On January 1, 2022, the ledger of Splish Brothers Inc. contained these liability accounts. Accounts Payable $52,500 Sales Taxes Payable 7,200 Unearned Service Revenue 16,500 During January, the following selected transactions occurred. Jan. Borrowed $25,200 in cash from Apex Bank on a 3-month, 5%, $25,200 note. 1 Sold merchandise for cash totaling $7,632, which includes 6% sales taxes. Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) 12 14 Paid state treasurer's department for sales taxes collected in December 2021, $7,200. 20 Sold 400 units of a new product on credit at $48 per unit, plus 6% sales tax. During January, the company's employees earned wages of $62,000. Withholdings related to these wages were $4,743 for FICA, $4,450 for federal income tax, and $1,350 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.

On January 1, 2022, the ledger of Splish Brothers Inc. contained these liability accounts. Accounts Payable $52,500 Sales Taxes Payable 7,200 Unearned Service Revenue 16,500 During January, the following selected transactions occurred. Jan. Borrowed $25,200 in cash from Apex Bank on a 3-month, 5%, $25,200 note. 1 Sold merchandise for cash totaling $7,632, which includes 6% sales taxes. Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) 12 14 Paid state treasurer's department for sales taxes collected in December 2021, $7,200. 20 Sold 400 units of a new product on credit at $48 per unit, plus 6% sales tax. During January, the company's employees earned wages of $62,000. Withholdings related to these wages were $4,743 for FICA, $4,450 for federal income tax, and $1,350 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.

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 Splish Brothers Inc. contained these liability accounts: - Accounts Payable: $52,500 - Sales Taxes Payable: $7,200 - Unearned Service Revenue: $16,500 During January, the following selected transactions occurred: - **Jan. 1**: Borrowed $25,200 in cash from Apex Bank on a 3-month, 5%, $25,200 note. - **Jan. 5**: Sold merchandise for cash totaling $7,632, which includes 6% sales taxes. - **Jan. 12**: Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) - **Jan. 14**: Paid state treasurer’s department for sales taxes collected in December 2021, $7,200. - **Jan. 20**: Sold 400 units of a new product on credit at $48 per unit, plus 6% sales tax. During January, the company’s employees earned wages of $62,000. Withholdings related to these wages were $4,743 for FICA, $4,450 for federal income tax, and $1,350 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.
Transcribed Image Text:On January 1, 2022, the ledger of Splish Brothers Inc. contained these liability accounts: - Accounts Payable: $52,500 - Sales Taxes Payable: $7,200 - Unearned Service Revenue: $16,500 During January, the following selected transactions occurred: - **Jan. 1**: Borrowed $25,200 in cash from Apex Bank on a 3-month, 5%, $25,200 note. - **Jan. 5**: Sold merchandise for cash totaling $7,632, which includes 6% sales taxes. - **Jan. 12**: Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.) - **Jan. 14**: Paid state treasurer’s department for sales taxes collected in December 2021, $7,200. - **Jan. 20**: Sold 400 units of a new product on credit at $48 per unit, plus 6% sales tax. During January, the company’s employees earned wages of $62,000. Withholdings related to these wages were $4,743 for FICA, $4,450 for federal income tax, and $1,350 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.
Journalize 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.)_ | Date | Account Titles and Explanation | Debit | Credit | |----------|--------------------------------|-------|--------| | Select | | | | | Select | | | | | Select | | | | | Select | | | | | Select | | | | - A dropdown menu at the bottom offers date selections: Jan. 1, Jan. 5, Jan. 12, Jan. 14, Jan. 20. This template is designed for recording financial transactions by entering dates, account titles, and amounts for debits and credits. The credit amounts will automatically have indented titles for clarity.
Transcribed Image Text:Journalize 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.)_ | Date | Account Titles and Explanation | Debit | Credit | |----------|--------------------------------|-------|--------| | Select | | | | | Select | | | | | Select | | | | | Select | | | | | Select | | | | - A dropdown menu at the bottom offers date selections: Jan. 1, Jan. 5, Jan. 12, Jan. 14, Jan. 20. This template is designed for recording financial transactions by entering dates, account titles, and amounts for debits and credits. The credit amounts will automatically have indented titles for clarity.
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