- sell diamond ring
- e commerce transactions
- billing accounts payable
On January 1, 2014, the ledger of Shumway Company contains the following liability accounts.
Accounts Payable $56,560
Sales Taxes Payable 6,260
Unearned Service Revenue 16,690
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $13,482, which includes 7% sales taxes.
12 Provided services for customers who had made advance payments of $11,080. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2013 ($6,260).
20 Sold 590 units of a new product on credit at $50 per unit, plus 7% sales tax.
21 Borrowed $15,750 from DeKalb Bank on a 3-month, 8%, $15,750 note.
25 Sold merchandise for cash totaling $9,383, which includes 7% sales taxes.
Journalize the transactions.
Accounts Payable $56,560
Sales Taxes Payable 6,260
Unearned Service Revenue 16,690
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $13,482, which includes 7% sales taxes.
12 Provided services for customers who had made advance payments of $11,080. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2013 ($6,260).
20 Sold 590 units of a new product on credit at $50 per unit, plus 7% sales tax.
21 Borrowed $15,750 from DeKalb Bank on a 3-month, 8%, $15,750 note.
25 Sold merchandise for cash totaling $9,383, which includes 7% sales taxes.
Journalize the transactions.
Accounting homework help!?
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