P11-1A - P11-1A Prepare current liability entries,...

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P11-1A Prepare current liability entries, adjusting entries, and current liabilities section. On 1/1/2008, the ledger of Mane Company contains the following liability accts. Accts Pay $52,000 Sales Taxes Pay 7,700 Unearned Service Rev 16,000 During January the following selected transactions occurred. Jan. 5 Sold mdse 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 mdse for cash totaling $12,420, which includes 8% sales taxes. Instructions (a) Journalize the January transactions. (b) Journalize the adjusting entries at January 31 for the outstanding notes pay(Hint: Use 1/3 of a month for UCLA Bank note.) (a) Jan. 5 Cash . .................................................................... 22,680
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P11-1A - P11-1A Prepare current liability entries,...

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