201-Chapter 10 Discussion-1

201-Chapter 10 Discussion-1 - P101B On January 1 2010 the...

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P10-1B On January 1, 2010, the ledger of Euler Company contained the following liability  accounts.    Accounts Payable $52,000  Sales Taxes Payable 8,500 Unearned Service Revenue 11,000    During January the following selected transactions occurred.      Jan.  1 Borrowed $18,000 from TriCounty Bank on a 3-month, 7%, $18,000 note. 5 Sold merchandise for cash totaling $18,550, which includes 6% sales taxes. 12 Provided services for customers who had made advance payments of $8,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2009 ($8,500). 20 Sold 500 units of a new product on credit at $50 per unit, plus 6% sales tax.     During January the company's employees earned wages of $50,000. Withholdings  related  to these wages were $3,825 for Social Security (FICA), $3,800 for federal income  tax, and  $1,100 for state income tax. The company owed no money related to these earnings 
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201-Chapter 10 Discussion-1 - P101B On January 1 2010 the...

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