201-Chapter 10 Solutions-1

201-Chapter 10 Solutions-1 - PROBLEM 10-1B (a) Jan. 1

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Unformatted text preview: PROBLEM 10-1B (a) Jan. 1 Cash............................................................ 18,000 Notes Payable..................................... 18,000 5 Cash............................................................ 18,550 Sales ($18,550 106%)...................... 17,500 Sales Taxes Payable ($18,550 $17,500)......................... 1,050 12 Unearned Service Revenue...................... 8,000 Service Revenue................................ 8,000 14 Sales Taxes Payable.................................. 8,500 Cash..................................................... 8,500 20 Accounts Receivable................................. 26,500 Sales.................................................... 25,000 Sales Taxes Payable (500 X $50 X 6%)............................. 1,500 (b) Jan. 31 Interest Expense........................................ 105 Interest Payable ($18,000 X 7% X 1/12 = $105)......... 105 31 Salaries and Wages Expense................... 50,000 FICA Taxes Payable........................... 3,825...
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This note was uploaded on 05/11/2010 for the course STATS 202 taught by Professor Keith during the Spring '10 term at Wisconsin Milwaukee.

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201-Chapter 10 Solutions-1 - PROBLEM 10-1B (a) Jan. 1

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