Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 11.00

Shumway Company

On January 1, 2014, the ledger of Shumway Company contains the following liability accounts.

 

 

 

 

 

Accounts Payable

 

 

52,000

 

 

Sales Taxes Payable

 

 

5,800

 

 

Unearned Service Revenue

 

 

14,000

 

 

 

 

 

During January, the following selected transactions occurred.

 

 

Jan. 5 Sold merchandise for cash totaling $22,470, which includes 7% 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 2013 ($5,800).

 

 

20 Sold 600 units of a new product on credit at $50 per unit, plus 7% sales tax.

 

 

21 Borrowed $14,000 from DeKalb Bank on a 3-month, 8%, $14,000 note.

 

 

25 Sold merchandise for cash totaling $12,947, which includes 7% sales taxes.

 

 

 

 

 

Instructions:

 

 

a. Journalize the January transactions. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

 

b. Journalize the adjusting entries at January 31 for the outstanding notes payable. (Hint: Use one-third of a month for the DeKalb Bank note.) (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

 

c. Prepare the current liabilities section of the balance sheet at January 31, 2014. Assume no change in accounts payable. (Round answers to 0 decimal places, e.g. 125.)

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 12:08 AM My Price 11.00

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