On January 1, 2022, the ledger of Pharoah Company contained these liability accounts. Accounts Payable $44,200...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 2022, the ledger of Pharoah Company contained these liability accounts. Accounts Payable $44,200 8,300 Unearned Service Revenue 20,700 Sales Taxes Payable During January, the following selected transactions occurred. Jan. 1 5 12 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $6,678, which includes 6% sales taxes. Performed services for customers who had made advance payments of $12,100. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021, $8,300. 14 20 Sold 670 units of a new product on credit at $55 per unit, plus 6% sales tax. During January, the company's employees earned wages of $68,000. Withholdings related to these wages were $5,202 for Social Security (FICA), $5,093 for federal income tax, and $1,528 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to nearest whole dollar amount, e.g. 5,275.) Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to nearest whole dollar amount, e.g. 5,275.) Date Account Titles and Explanation Jan. 1 Cash Notes Payable Jan. 5 Cash Sales Revenue Jan. 12 Jan. 14 Jan. 12 Sales Taxes Payable Debit Credit 18000 1800C 6678 Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 (To record the interest on outstanding notes payable.) Jan. 31 Jan. 31 (To record payroll and withholding taxes.) Debit Credit Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable. PHAROAH COMPANY Balance Sheet (Partial) GA $ On January 1, 2022, the ledger of Pharoah Company contained these liability accounts. Accounts Payable $44,200 8,300 Unearned Service Revenue 20,700 Sales Taxes Payable During January, the following selected transactions occurred. Jan. 1 5 12 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $6,678, which includes 6% sales taxes. Performed services for customers who had made advance payments of $12,100. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2021, $8,300. 14 20 Sold 670 units of a new product on credit at $55 per unit, plus 6% sales tax. During January, the company's employees earned wages of $68,000. Withholdings related to these wages were $5,202 for Social Security (FICA), $5,093 for federal income tax, and $1,528 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to nearest whole dollar amount, e.g. 5,275.) Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to nearest whole dollar amount, e.g. 5,275.) Date Account Titles and Explanation Jan. 1 Cash Notes Payable Jan. 5 Cash Sales Revenue Jan. 12 Jan. 14 Jan. 12 Sales Taxes Payable Debit Credit 18000 1800C 6678 Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 (To record the interest on outstanding notes payable.) Jan. 31 Jan. 31 (To record payroll and withholding taxes.) Debit Credit Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable. PHAROAH COMPANY Balance Sheet (Partial) GA $
Expert Answer:
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Justin is saving for his retirement 2 0 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $ 1 4 9 . 0 0 at the end of each year for the next 1 2 years....
-
On January 1, 2017, the ledger of Romada Company contained these liability accounts. Accounts Payable .................................. $42,500 Sales Taxes Payable ...................................
-
On January 1, 2012, the ledger of Kindt Company contained these liability accounts. Accounts Payable .........$42,500 Sales Taxes Payable .........6,600 Unearned Service Revenue .....19,000 During...
-
1) Explain what creates value and identify if there are aspects that do not create value. (Please include the citation and references) 2)What is the strength of Hyatt Hotel's Loyalty 3)What makes you...
-
When does the risk transfer to the buyer in a sale of goods transaction? Explain the exceptions to this general rule.
-
Suppose we assume that the synonymous and non synonymous rates are both equal to the same value . Estimate , and compare with the values of s and n found in Exercises 41 and 42. Mutation rates differ...
-
Values in the United States ____________. (a) are largely unchanged across time (b) have moved away from earlier values (c) are virtually the same as attitudes (d) tend not to be shared within...
-
Holbrook Company gathered the following data for the past two years: Required: 1. Prepare a productivity profile for each year. 2. Prepare partial income statements for each year. Calculate the total...
-
Iowa enacts a law that restricts certain kinds of advertising to protect consumers from being misled. This law would likely be held by a court to be Group of answer choices an unconstitutional...
-
The following feature of a corporation with a vertical communication structure: a) senior communication personnel operate under senior executives for more direct reporting b) main communication...
-
Investors are interested in estimating the theoretical price of a share. The price may be said to be a function of the supply and demand for a stock. This is influenced by future earnings...
-
The Moore Company produces and sells a single product. A standard cost card for the product follows: Standard Cost Card - per unit of product Direct materials, 4 metres at $4.00 $16.00 Direct labour,...
-
The price of a good is $1.20 per unit and annual demand is 800,000 units. Market research indicates that an increase in price of 10 cents per unit will result in a fall in annual demand of 75,000...
-
When making a budget, a recommended goal is to spend10% on utilities. In reality, household spending depends on economic levels. Households with incomes from$15,000to$20,000 spend over11% on...
-
UniSuper is an Australian superannuation fund that has been aggressively pursuing business in Eastern Europe since the Iron Curtain was lifted in 1989. Poland has allowed its currency's value to be...
-
List THREE Strategy Deployment Best Practices (point form, but include a brief descriptor if required) that will greatly assist in the formulation and deployment of a strategy that supports movement...
-
U.S. households have become smaller over the years. The following table from the 2010 GSS contains information on the number of people currently aged 18 years or older living in a respondent's...
-
Journalize the following transactions for Harlem Manufacturing. (a) Incurred direct labor costs of \($24,000\) for 3,000 hours. The standard labor cost was \($24,300\). (b) Assigned 3.000 direct...
-
Napier Company's standard labor cost of producing one unit of Product DD is 3.9 hours at the rate of \($12.00\) per hour. During August, 40,800 hours of labor are incurred at a cost of \($12.10\) per...
-
The follovving direct materials and direct labor data pertain to the operations of Juan Manufacturing Company for the month of August Instructions (a) Compute the total, price, and quantity variances...
Study smarter with the SolutionInn App