Sea Air Marine experienced these events during the current year.
a. December revenue totaled $130,000; and, in addition, Sea Air collected sales tax of 7%. The tax amount will be sent to the state of New Hampshire early in January.
b. On August 31, Sea Air signed a six-month, 6% note payable to purchase a boat costing $80,000. The note requires payment of principal and interest at maturity.
c. On August 31, Sea Air received cash of $3,000 in advance for service revenue. This revenue will be earned evenly over six months.
d. Revenues of $850,000 were covered by Sea Air’s service warranty. At January 1, estimated warranty payable was $11,800. During the year, Sea Air recorded warranty expense of $34,000 and paid warranty claims of $34,800.
e. Sea Air owes $90,000 on a long-term note payable. At December 31, 6% interest for the year plus $30,000 of this principal are payable within one year.

Requirement
1. For each item, indicate the account and the related amount to be reported as a current liability on the Sea Air Marine balance sheet at December 31.