1. Record the Required Entries In T-Accounts

2. Prepare A Trail Balance

3. Prepare a Balance Sheet as of January 31,2020

Balance Sheet for end of 2019 Assets Accounts Receivable (net of allowance of 7200 ) Cash Inventory Prepaid Insurance Supplies Total Current Assets 237,884 77,250 45,500 (1000 units at $45.50 each) Property, Plant and Equipment, Net Land Total Assets 573,359 Liabilities Accounts Payable Unearned Revenue Interest Payable Salaries Payable Total Current Liabilities \begin{tabular}{l} 177,500 \\ 32,000 \\ \hline \end{tabular} Long Term Debt 246,100 Total Liabilities 394,552 Capital Stock Retained Earnings Total Liabilities and Stockholders Equity \begin{tabular}{l} 100,000 \\ 78,807 \\ \hline \end{tabular} 573,359 Transactions for January of 2020 1/3/2020 Paid interest payable plus $4,000 toward long term debt 1/2/2020 Paid salaries payable 1/3/2020 Purchased inventory ( 500 units at $46 ) on credit 23000 1/4/2020 Paid shipping on inventory of $250 1/6/2020 Purchased supplies on credit for $700 1/9/2020 Received $3,000 from customers for products to deliver in March 1/10/2020 Sold 600 units on credit with a sales price of $105 (assume perpetual UFO) 1/15/2020 Purchased inventory on account ( 700 units at $47 ) 1/20/2020 Paid $41,600 on accounts payable 1/21/2020 Collected $121,350 in cash from customers in payment for earlier sales 1/22/2020 Wrote off accounts receivable for $815 1/25/2020 Sold 200 units on credit with a sales price of $105 (still perpetual uFO) 1/26/2020 Paid wages to employees for work done in January $31,000 1/26/2020 Received utility bill for $7,200 for utilities used in lanuary that will be paid in February 1/31/2020 Delivered 100 units of product to customers that they paid 10,000 for in 2019 (unearned revenue) 1/31/2020 Counted supplies and found $1,240 remaining 1/31/2020 Employees worked and earned \$4,700 in January that will not be paid until February 1/31/2020 Interest at 12% per year on the long term debt (new balance) has not been paid 1/31/2020 The prepaid insurance will last 4 months into 2020 before a new policy will be required 1/31/2020 The allowance for bad debts is estimated at 4% of total accounts receivable 1/31/2020 A count of inventory showed that 50 units were damaged such that they are worthless and will be thrown aw