AB 116 WEEK 4 Problem 11 1A
On January 1 2014 the ledger of Accardo Company contains the following liability accounts.
Accounts Payable $51,130
Sales Taxes Payable 7,920
Unearned Service Revenue 15,850
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $22,680, which includes 8% sales taxes.
12 Performed services for customers who had made advance payments of $10,180. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2013 ($7,920).
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 $31,500 from Girard Bank on a 3-month, 8%, $31,500 note.
25 Sold merchandise for cash totaling $12,312, which includes 8% sales taxes.
USA 
India