Question: please help me with the partial balance sheet Problem 10-01A a-c (Video) (Part Level Submission) On January 1, 2020, the ledger of Oriole Company contains

 please help me with the partial balance sheet Problem 10-01A a-c(Video) (Part Level Submission) On January 1, 2020, the ledger of OrioleCompany contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned

please help me with the partial balance sheet

Problem 10-01A a-c (Video) (Part Level Submission) On January 1, 2020, the ledger of Oriole Company contains the following liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $51,900 8,900 17,000 During January, the following 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 2019 ($8,900). 20 Sold 810 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes. (a) Your answer is correct. 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 Credit Cash NU = Sales Revenue 19,000 = 1 Sales Taxes Payable 1,520 = Jan. 12 | Unearned Service Revenue Service Revenue T 11,000 Jan. 14 Sales Taxes Payable T | Cash 8,900 8,900 T IT di IT Jan. 20 Accounts Receivable Sales Revenue 40,500 Sales Taxes Payable P T I 3,240 Jan. 21 Cash 29,250 Notes Payable 29,250 Cash = T Sales Revenue IT I 11,500 C920 Sales Taxes Payable L (b) Your answer is partially correct. Try again. Journalize the adjusting entry at January 31 for the outstanding note payable. (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.) Date Account Titles and Explanation Credit Jan. 31 Interest Payable 65 Interest Expense SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 3 of 3 used Prepere the current liabilities section of the balance sheet al Jenwery 31, 2020. Assure no change in eccounts payable. Oriole Company Balance Sheet (Partial)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!