Question

Problem 10-1A (Part Level Submission) On January 1, 2017, the ledger of Riverbed Ltd. contains the following liability accounts. Accounts Payable £52,810 Sales Taxes Payable 7,080 Unearned Service Revenue 16,680 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling £14,980, which includes 7% sales taxes. 12 Performed services for customers who had made advance payments of £11,760. (Credit Service Revenue.) 14 Paid revenue department for sales taxes collected in December 2016 (E7,080). 20 Sold 600 units of a new product on credit at £52 per unit, plus 7% sales tax. 21 Borrowed £20,250 from DeKalb Bank on a 3-month, 6%, £20,250 note. 25 Sold merchandise for cash totaling £9,275, which includes 7% sales taxes. (a) Journalize the January transactions. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit

Answer 1

Date	General Journal	Debit	Credit
Jan-05	Cash	14,980.00
	Sales Revenue		14,000.00
	Sales tax Payable		980.00
Jan-12	Unearned service Revenue	11,760.00
	Service Revenue		11,760.00
Jan-14	Sales tax Payable	7,080.00
	Cash		7,080.00
Jan-20	Accounts Receivable	33,384.00
	Sales Revenue		31,200.00
	Sales tax Payable		2,184.00
Jan-21	Cash	20,250.00
	Notes Payable		20,250.00
Jan-25	Cash	9,275.00
	Sales Revenue		8,668.00
	Sales tax Payable		607.00