Question: Problem 10-1A (Part Level Submission) On January 1, 2017, the ledger of Ivanhoe Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned

Problem 10-1A (Part Level Submission) On January 1, 2017, the ledger of Ivanhoe Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned

Problem 10-1A (Part Level Submission) On January 1, 2017, the ledger of Ivanhoe Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $44,000 7,350 20,500 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 $6,360, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2016, $7,350. 20 Sold 650 units of a new product on credit at $46 per unit, plus 6% sales tax. During January, the company's employees earned wages of $71,200. Withholdings related to these wages were $5,447 for Social Security (FICA), $5,086 for federal income tax, and $1,526 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. Jan. 1 Jan. 5 Jan. 12 Jan. 14 v Jan. 20 Cash Notes Payable Cash Sales Revenue Sales Taxes Payable Unearned Service Revenue Service Revenue Sales Taxes Payable Cash Accounts Receivable Sales Revenue Sales Taxes Payable 18000 7102 11400 7250 33390 18000 6700 402 11400 7250 31500 1890

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