On January 1, 2014, the ledger of Accardo Company contains the following liabili

Question

On January 1, 2014, the ledger of Accardo Company contains the following liability accounts. Accounts Payable $55,890 Sales Taxes Payable 7,720 Unearned Service Revenue 16,650 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $13,284, which includes 8% sales taxes.12 Performed services for customers who had made advance payments of $10,120. (Credit Service Revenue.)14 Paid state revenue department for sales taxes collected in December 2013 ($7,720). 20 Sold 850 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 $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. 25 Sold merchandise for cash totaling $8,640, which includes 8% sales taxes.

Explanation / Answer

On January 1, 2014, the ledger of Accardo Company contains the following liabili

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