Giga Inc has the following information: Unearned service revenue=$16,680 Sales tax payable=$8,490 Accounts payable=54,470 1.In the month of January dated 05, the company sold merchandise of cash amounting to $16,200, which includes 8% sales tax amount. 2.Jan-12-Services to customers who made advance payment of 11,490 3.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490) 4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax 5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note. 6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax. Required: January transactions-Journal entries
Giga Inc has the following information: Unearned service revenue=$16,680 Sales tax payable=$8,490 Accounts payable=54,470 1.In the month of January dated 05, the company sold merchandise of cash amounting to $16,200, which includes 8% sales tax amount. 2.Jan-12-Services to customers who made advance payment of 11,490 3.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490) 4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax 5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note. 6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax. Required: January transactions-Journal entries
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Giga Inc has the following information:
Unearned service revenue=$16,680
Sales tax payable=$8,490
Accounts payable=54,470
1.In the month of January dated 05, the company sold merchandise of cash amounting to $16,200, which includes 8% sales tax amount.
2.Jan-12-Services to customers who made advance payment of 11,490
3.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490)
4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax
5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note.
6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax.
Required:
January transactions-
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