The following is a list of liability accounts on the ledger of Chop House Incorporated on January 1: Sales Tax Payable ..... $ 7,500 Accounts Payable ..... 9,500 Unearned Revenue ... 16,500 The following transactions occurred during the month of January: Jan. 1 Borrowed $25,000 from Atlanta Bank on a 6-month, 6% note. 9 Provided service for customers who had paid $6,000 in advance. 15 Paid state treasurer for sales taxes collected in December, $7,500. 18 Bought inventory on credit for $12,000. 23 Sold goods on credit for $3,000, plus 7% sales tax. The employees of the Chop House earned gross salaries of $45,000 during January. Withholdings were $2,500 for Social Security, $4,000 for federal income tax, and $1,900 for state income tax. The employer share of FICA taxes was also $2,500. Salaries earned in January will be paid during February. Required a. Prepare journal entries for the January transactions. Assume that purchases are recorded directly into the inventory account. b. Prepare adjusting entries at January 31 related to salaries, payroll taxes, and notes payable. c. Create the current liability section of the balance sheet at January 31.
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