Business, 19.08.2020 01:01 wittlemarie
On January 1, 2020, the ledger of Pharoah Company contains the following liability accounts.
Accounts Payable $53,900
Sales Taxes Payable 7,000
Unearned Service Revenue 15,800
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
12 Performed services for customers who had made advance payments of $10,000. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2019 ($7,000).
20 Sold 810 units of a new product on credit at $50 per unit, plus 8% sales tax.
21 Borrowed $31,500 from Girard Bank on a 3-month, 8%, $31,500 note.
25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes
Journalize the January transactions
Answers: 2
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Answers: 2
On January 1, 2020, the ledger of Pharoah Company contains the following liability accounts.
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