P10.1(LO 1,2) On January 1,2025, the ledger of Chuan-Kwang Luggage contains the following liability ...
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Accounting
PLO On January the ledger of ChuanKwang Luggage contains the following liability accounts amounts in thousands During January, the following selected transactions occurred. Jan. Sold merchandise for cash totaling NT$ which includes sales taxes. Performed services for customers who had made advance payments of NT$Credit Service Revenue. Paid revenue department for sales taxes collected in December NT$ Sold units of a new product on credit at NT$ per unit, plus sales tax. This new product is subject to a year warranty. Borrowed NT$ from First National Bank on a month, NT$ note. Sold merchandise for cash totaling NT $ which includes sales taxes. Instructions a Journalize the January transactions. b Journalize the adjusting entries at January for the outstanding notes payable, and estimated warranty liability, assuming warranty costs are expected to equal of sales of the new product. Hint: Use onethird of a month for the First National Bank note. c Prepare the current liabilities section of the statement of financial position at January Assume no change in accounts payable. 
PLO On January the ledger of ChuanKwang Luggage contains the following liability
accounts amounts in thousands
During January, the following selected transactions occurred.
Jan. Sold merchandise for cash totaling NT$ which includes sales taxes.
Performed services for customers who had made advance payments of NT$Credit
Service Revenue.
Paid revenue department for sales taxes collected in December NT$
Sold units of a new product on credit at NT$ per unit, plus sales tax. This new
product is subject to a year warranty.
Borrowed NT$ from First National Bank on a month, NT$ note.
Sold merchandise for cash totaling NT $ which includes sales taxes.
Instructions
a Journalize the January transactions.
b Journalize the adjusting entries at January for the outstanding notes payable, and estimated
warranty liability, assuming warranty costs are expected to equal of sales of the new product.
Hint: Use onethird of a month for the First National Bank note.
c Prepare the current liabilities section of the statement of financial position at January
Assume no change in accounts payable.
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