The following data relate to the Julius Company:

(1) Postclosing trial balance at December 31, 1979:

(2) Income statement for 1979:

(3) Summary of cash receipts and disbursements in 1979:

(4) Purchases of merchandise during the period, all on account, were \(\$ 510,000\). All "Other Operating Expenses" were credited to Prepayments.
a Prepare a balance sheet at January 1, 1979.
b What is the interest payment date on the long-term notes?

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Debits Cash Marketable Securities Accounts Receivable Merchandise Inventory Prepayments for Miscellaneous Services Land, Buildings, and Equipment Total Debits Credits Accounts Payable (for merchandise) Interest Payable Taxes Payable Notes Payable (6%, long-term) Accumulated Depreciation Capital Stock Retained Earnings Total Credits $ 40,000 100,000 100,000 158,000 16,600 180,000 $594,600 $110,000 1,600 21,000 80,000 62,000 270,000 50,000 $594,600