On January 1, 2017, the ledger of Ivanhoe Company contained these liability acco

Question

On January 1, 2017, the ledger of Ivanhoe Company contained these liability accounts.

During January, the following selected transactions occurred.

Accounts Payable $42,900 Sales Taxes Payable 6,800 Unearned Service Revenue 19,400 Date Account Titles and Explanation Debit Credit Jan. 1 Cash 18000 Notes Payable 18000 Jan. 5 Cash 7420 Sales Revenue 6974.8 Sales Taxes Payable 445.2 Jan. 12 TUnearned Service Revenue 10200 Service Revenue 10200 Jan. 144Sales Taxes Payable 6800 Cash 6800 Jan. 31 Jan. 31 || | Interest Expense Salaries and Wages Expen Payroll Tax Expense

Explanation / Answer

I have answered for only those questions which have been shown in red. Hope this would help you. Let me know if you need information for other as well although the answers will remain the same.

January 5

Dr Cash 7,420
Cr Sales Revenue 7,000
Cr Sales Tax Payable 420

January 31

Dr Wages Expense 70,900
Cr Employee Social Security (FICA) Tax Payable 5,424
Cr Employee Federal Income Tax Payable 5,064
Cr Employee State Income Tax Payable 1,519
Cr Wages Payable 58,893

Dr Interest Expense 75
Cr Interest on Notes Payable 75

($18000 * 5% / 12)

Dr Payroll Tax Expense 5,424
Cr Social Security Tax Payable 5,424

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