On January 1, 2022, Wildhorse Co's accounting records contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue During January, the following selected transactions occurred. Jan 1 5 12 14 $44,700 8,800 21,200 20 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $5,512, which includes 6% sales taxes. Performed services for customers who had made advance payments of $13,000. (Record Service Revenue) Paid state treasurer's department for sales taxes collected in December 2021, $8.800. Sold 720 units of a new product on credit at $50 per unit, plus 6% sales tax During January, the company's employees earned wages of $75,300. Withholdings related to these wages were $5,760 for FICA $5,379 for federal income tax, and $1,614 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February Wages or payroll tax expense have not been recorded as of January 31.

On January 1, 2022, Wildhorse Co's accounting records contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue During January, the following selected transactions occurred. Jan 1 5 12 14 $44,700 8,800 21,200 20 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. Sold merchandise for cash totaling $5,512, which includes 6% sales taxes. Performed services for customers who had made advance payments of $13,000. (Record Service Revenue) Paid state treasurer's department for sales taxes collected in December 2021, $8.800. Sold 720 units of a new product on credit at $50 per unit, plus 6% sales tax During January, the company's employees earned wages of $75,300. Withholdings related to these wages were $5,760 for FICA $5,379 for federal income tax, and $1,614 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February Wages or payroll tax expense have not been recorded as of January 31.

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Description: please Solve with Explanation and do not give image format otherwise rejected my question On January 1, 2022, Wildhorse Co's accounting records contained these liability accounts.Accounts PayableSales Taxes PayableUnearned Service RevenueDuring Janua

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
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