Week 4 Team Assignme - 1 Running Head CHAPTER 11 TEAM ASSIGNMENT Ch 11 Team Assignments Ricardo E Mendoza Olga Acosta University of Phoenix Debbie

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1 Running Head: CHAPTER 11 TEAM ASSIGNMENT Ch. 11 Team Assignments Ricardo E. Mendoza Olga Acosta University of Phoenix Debbie Luna ACC 281 Financial Accounting Transactions October 12, 2010
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Week 4 Team Assignment P11-1A On January 1, 2008, the ledger of Mane Company contains the following liability accounts. Accounts Payable $52,000 Sales Taxes Payable 7,700 Unearned Service Revenue 16,000 During January the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $22,680, which includes 8% sales taxes. 12 Provided 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 2007 ($7,700). 20 Sold 800 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $18,000 from UCLA Bank on a 3-month, 8%, $18,000 note. 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes. Instructions (a) Journalize the January transactions. Date Account Debit Credit Jan 5 Cash 22,68 0 Sales 20,865.6 Sales Tax Payable 1,814.4 12 Unearned Service Revenue 10,00 0 Service Revenue 10,000 14 Sales Tax Payable 7,700 Cash
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This note was uploaded on 11/01/2010 for the course ACC 281 281 taught by Professor Hong during the Fall '10 term at University of Phoenix.

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Week 4 Team Assignme - 1 Running Head CHAPTER 11 TEAM ASSIGNMENT Ch 11 Team Assignments Ricardo E Mendoza Olga Acosta University of Phoenix Debbie

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