On January 1, 2017, the ledger of Fleming Company contained the following liability accounts. Accounts Payable $52,000 Sales Taxes Payable 8,200 Unearned Service Revenue 11,000 During January, the following selected transactions occurred. Jan. 1 Borrowed $30,000 from TriCounty Bank on a 3-month, 6%, $30,000 note. 5 Sold merchandise for cash totalling $20,165, which includes 9% sales taxes. 12 Provided $7,000 of services for customers who had made advanced payments. 14 Paid state revenue department for sales taxes collected in December 2013 ($8,200). 20 Sold 550 units of a new product on credit at $50 per unit, plus 9% sales tax. Instructions (a) Journalize the January transactions. (b) Journalize the adjusting entries at January 31 for the outstanding notes payable.
On January 1, 2017, the ledger of Fleming Company contained the following liability accounts….
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