On January 1, 2019, the ledger of Whispering Winds Corp. contains the following liability accounts. Accounts Payable $56,000
Sales Taxes Payable 8,800
Unearned Service Revenue 16,100

During January, the following selected transactions occurred.

Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.
12 Performed services for customers who had made advance payments of $11,500. (Credit Service Revenue.)
14 Paid state revenue department for sales taxes collected in December 2018 ($8,800).
20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax.
21 Borrowed $22,500 from Girard Bank on a 3-month, 8%, $22,500 note.
25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes.

Required:
Journalize the January transactions.

Which of the following statements is correct? a) due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporationsb) most businesses (by number and total dollar sales) are organized as proprietorships or corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, primarily because corporations have important tax advantages over proprietorships and partnerships.c) due to legal considerations related to ownership transfers and limited liability, which affect the ability to attract capital, most business (measured by dollar sales) is conducted by corporations in spite of large corporations' less favorable tax treatmentd) large corporations are taxed more favorably than proprietorshipse) corporate stockholders are exposed to unlimited liability

An electronics store is running a promotion where for every video game purchased, the customer receives a coupon upon checkout to purchase a second game at a 50% discount. the coupons expire in one year. the store normally recognized a gross profit margin of 40% of the selling price on video games. how would the store account for a purchase using the discount coupon?

If a society decides to produce consumer goods from its available resources, it is answering the economic question