Question: Current Attempt in Progress On January 1, 2022, the ledger of Blossom Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue
Current Attempt in Progress On January 1.2022, the ledger of Blossom Company 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 $6,678, which includes 6% sales taxes 12 Performed services for customers who had made advance payments of \$12,300. (Credit Service Revenue) 14 Paid state treasurer's department for sales taxes collected in December 2021,\$7,800 20 Sold 620 units of a new product on credit at $45 per unit, plus 6% sales tax. During January, the company/s employees earned wages of $90,000. Withholdings related to these wages were $6,885 for $0cial Security (FICA), \$5,679 for federal income tax and \$1,704 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 (a) Journalize the January transactions. (Credit occount titles are automotically indented when amount is entered. Do not indent manually Record journal entries in the arder presented in the problem. Round answers to nearest whole dollar amount, es. 5.275
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