1. Year 1, the general ledger of a company includes the following account balances Debit $ 25,90 47,800 Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Corrmon Stock Retained Earnings $ 5,000 20,800 54,000 19,000 Totals 2,300 29,300 58,000 43,000 29,900 $167,500 $167,500 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $155,000. January 15 The company sales for the first half of the month total $143,000. All of these sales are on account. The cost of the units sold is $77,800. January 23 Receive $126,200 from customers on accounts receivable. January 25 Pay $98,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,680. January 30 The camapany sales for the second half of the month total $151,000. Sales include $14,000 for cash and $137,000 on account. The cost of the units sold is $83,500. January 31 Pay cash for monthly salaries, $52,800. 6. Record closing entries. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No General Journal Credit Date January 31 Debit 301,400 1 Sales Revenue Income Tax Payable 301.400 2 52,800 January 31 Interest Revenue Salaries Expense Interest Expense 52,800 290