US Hele System Announcements Sandt, Accounting Principles, 13e CES Problem 11-01A a-c (Video) On January 1, 2020, the ledger of Lily Company contains the following liability accounts. Accounts Payable $54,500 Sales Taxes Payable 7,100 Unearned Service Revenue 16,500 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 $11,500. (Credit Service Revenue) 14 Paid state revenue department for sales taxes collected in December 2019 ($7,100). 20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. 21 Borrowed $24.750 from Girard Bank on a 3-month, 8%, $24.750 note. 25 Sold merchandise for cash totaling $12,096, which includes 8% sales taxes. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the ar Date Account Titles and Explanation Debit Credit ment ales tax. This new product is subject to a 1-year warranty. 21 Borrowed $24,750 from Girard Bank on a 3-month, 8%, $24,750 note. 25 Sold merchandise for cash totaling $12,096, which includes 8% sales taxes. 02 021 Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record jour Date Account Titles and Explanation -08 Debit Credit (Video) > y Study SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to e automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) NO Date Account Titles and Explanation Debit Credit SHOW LIST OP ACCOUNTS LINE TO TEXT LINE TO TEXT Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty ability, assuming warranty costs are expected to equal 7% of sales of the new product. (Hons automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. 2. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the current liabilities section of the balance sheet at January 31, 2020. Assume no change in accounts payable Lily Company Balance Sheet (Partial) $ O Show Work Click if you would like to show Work for this question SHOW LIST OF ACCOUNTS TT e here to search CALCULATOR PRINTER VERSION FACE es payable, and (2) estimated warranty liability assuming warranty costs are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the Grand Banknote) (Credit account titles are nually. Record journal entries in the order presented in the problem.) Debat Credit - 2020. Assume no change in accounts payable 2:41 PM 7/6/2020