Current Attempt in Progress

On January $1,2027,$ Oriole Company's accounting records containad these liability accounts.

During January, the following selacted tranactions occurred.

Jan. $1$ Borrowed $$18,000$ in cash from Apex Bank on a $4-$month, $5\%,$ $$18,000$ note.

$5$ Sold merchandise for cash totaling $$5,724,$ which includes $6\%$ sales taxes.

$12$ Performed services for customers who had made advance payments of $$10,400.($Record Service Revenue$)$

$14$ Paid state treasurer's department for sales taxes collected in December $2026,$ $$7,100.$

$20$ Sold $550$ units of a new product on credit at $$45$ per unit, plus $696$ alas tax.

During January, the company's employes earned wages of $$73,000.$ Withhaldings related to these wages were $$5,585$ for FICA,

$$5,214$ for federal income tax, and $$1,564$ for state income tax. The company owed no money related to these earnines for federal or

state unemployment tax. Assume that wages earned during January will be paid during February. Weges or payroll tax expense have

not baen recorded as of January $31.$

$($a$)$

Prepare a tabular summary to record the January transactions and the adjustments on January $31$ for the outstanding note

payable and the salaries and wases expense and payroll tax expense Include margin explanations for the changes in revenues and

expenses. $($If a transaction couses a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign $($or parentheses$)$ in front of

the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to $0$ decimal places, e$\mathrm{.}85,275.)$On January $1,2027,$ Oriole Company's accounting records contained these liability accounts.

During January, the following selected transactions occurred.

Jan. $1$ Borrowed $$18,000$ in cash from Apex Bank on a $4-$month, $5\%,$ $$18,000$ note.

$5$ Sold merchandise for cash totaling $$5,724,$ which includes $6\%$ sales taxes.

$12$ Performed services for customers who had made advance payments of $$10,400.($Record Service Revenue.$)$

$14$ Paid state treasurer's department for sales taxes collected in December $2026,$ $$7,100.$

$20$ Sold $550$ units of a new product on credit at $$45$ per unit, plus $6\%$ sales tax.

During January, the company's employees earned wages of $$73,000.$ Withholdings related to these wages were $$5,585$ for FICA,

$$5,214$ for federal income tax, and $$1,564$ 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. Wages or payroll tax expense have

not been recorded as of January $31.$