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On January 1,2022, the ledger of Vaughn Company contains these liability accounts. During January, these 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 $10,500. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2021($8,100). 20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1 -year warranty. 21 Borrowed $22,500 from Girard Bank on a 3 -month, 8%,$22,500 note. 25 Sold merchandise for cash totaling $8,532, which includes 8% sales taxes. Journalize the adfusting entries at January 31 for (1) the outstanding notes payahle, and (2) estimated warranty liability, as sumine warrany costs are expected to eoval 75 of sales of the new product. (tint Use ene-thied of a month for the Cirard Bank note) icredif account tities are dutomatically indented when amount is entered. Do not indent manually. Recard journal entries in the order presented in the problem.) Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in accounts payabie. Vaughn Company Balance Sheet (Partial) $ Journalize the January transactions, (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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