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On January 1, 2008, the ledger of Softshoe Company contains the following liability accounts.
On January 1, 2008, the ledger of Softshoe Company contains the following liabilityaccounts.Accounts Payable $30,000Sales Taxes Payable 5,000Unearned Service Revenue 12,000During January the following selected transactions occurred.Jan. 1 Borrowed $20,000 in cash from Platteville Bank on a 4-month, 6%, $20,000 note.5 Sold merchandise for cash totaling $9,752, which includes 6% sales taxes.12 Provided services for customers who had made advance payments of $8,000. (CreditService Revenue.)14 Paid state treasurer’s department for sales taxes collected in December 2007, $5,000.20 Sold 900 units of a new product on credit at $44 per unit, plus 6% sales tax. This newproduct is subject to a 1-year warranty.25 Sold merchandise for cash totaling $16,536, which includes 6% sales taxes.Instructions(a) Journalize the January transactions.(b) Journalize the adjusting entries at January 31 for (1) the outstanding notes payable.(c) Prepare the current liabilities section of the balance sheet at january 31, 2008. assume no change in account payable.
