On January 1, 2022, the ledger of Sheridan Company contains these liability accounts. Accounts Payable $50,500...

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On January 1, 2022, the ledger of Sheridan Company contains these liability accounts. Accounts Payable $50,500 Sales Taxes Payable 8,300 Unearned Service Revenue 15,500 During January, these selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2021 ($8,300). 20 21 21 25 25 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. Sold merchandise for cash totaling $12,096, which includes 8% sales taxes. Credit 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.) Date Account Titles and Explanation > Debit Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 5 used Submit Answer Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in accounts payable. Sheridan Company Balance Sheet (Partial) eTextbook and Media List of Accounts Save for Later +A $ $ +A Attempts: 0 of 5 used Submit Answer On January 1, 2022, the ledger of Sheridan Company contains these liability accounts. Accounts Payable $50,500 Sales Taxes Payable 8,300 Unearned Service Revenue 15,500 During January, these selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2021 ($8,300). 20 21 21 25 25 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. Sold merchandise for cash totaling $12,096, which includes 8% sales taxes. Credit 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.) Date Account Titles and Explanation > Debit Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 5 used Submit Answer Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in accounts payable. Sheridan Company Balance Sheet (Partial) eTextbook and Media List of Accounts Save for Later +A $ $ +A Attempts: 0 of 5 used Submit Answer