19. Record the Closing entry for temporary credit accounts.

20. Record the Closing entry for temporary debit account (expense, contra-revenue, dividends)

On January 1.2021, the general ledger of Boomer Company includes the following account balances: The $50,000 beginning balance of inventory consists of 625 units, each costing $80. The $50,000 beginning balance of inventory consists of 625 units, each costing $80. During January 2021, the following transactions occurred: January 2 Recefved a $40,600-month, 68 note on a loan Booeen made to Conboys, Inc. January 5 purchased 5,600 units of inventory on account for 5504,000 ( 590 each) with teras 1/10,n/30. Januacy B Returned 100 defective units of inventory purchased on January 5 . anuary 15 sold 5,400 units of inventory on account for $594,000 ( $110 each) with terns 2/10, n/30: Record 2 entries for this transaction. January 17 Customers returned 100 units sold on January 15. These units were originally purchased by Doomer on January 5 . The units were placed in inventory to be sold in the future. Record 2 entries for this transaction. January 20 Recelved cash from custoeers on accounts recelvable. This anount Includes 556,009 from 2020 plus asount cecelvable on sale of 4,900 units sold on Janvary 15 . January 21 Wrote off remaining accounts receivabie from 2020. January 24 paid on accounts payable. The amount Includes the amount owed at the beginning of the period plus the anount oured fron purchase of 5,200 units on January 5 . January 28 pald cash for salaries during January, $48,000. january 29 Pafd cash for utilities during January, $30,000. January 30 paid dividends, 59,000. The following information is avallable on January 31,2021 for adjusting entries at the end of the month. a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected. b. Accrued interest on notes recelvable for January. c. Accrued interest on notes payable for January. d. Accrued income taxes at the end of January for $7,000. e. Depreciation on the building, $4,000. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 13) assuming a FIFO perpetual inventory system. The gross method is used for recording discounts on purchases and sales of inventory. Review the unadjusted Trial Balance in the 'Trial Balance' tab to confirm that debits equal credits and that ending account 2. balances are shown correctly as debits or credits. The year on the Trial Balance tab is incorrectly shown as 2018 instead of 2021 . 3. Record adjusting entries on January 31 in the 'General Journal' tab (these are shown as items 14-18). Review the Adjusted Trial Balance as of January 31, 2021, in the 'Trial Balance' tab to confirm that debits equal credits 4. and that ending account balances are shown correctly as debits or credits. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income Statement' tab. Select 5. "Adjusted Trial Balance" at the top left. You may not use every line on the income statement. Enter "Net income" as the title for the last line. Prepare a classified balance sheet as of January 31, 2021, in the 'Balance Sheet' tab. Select "Adjusted Trial Balance" at 6. the top left. Show any NONCURRENT liabilities on the line below the Current section. Record the closing entries in the 'General Journal' tab (these are shown as Items 19 and 20), In the second closing entry, 7. close all temporary accounts with debit balances (expenses, contra-revenues, dividends). Review the Post-closing Trial Balance as of January 31, 2021, in the 'Trial Balance' tab to confirm that only permanent account balances are included; temporary accounts should be closed. General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 01 & & & 90,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Accounts receivable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 01 & & & 60,000 \\ \hline \end{tabular} Allowance for uncollectible accounts \begin{tabular}{|l|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 01 & & & 5,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Inventory } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 01 & & & 50,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Land } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 01 & & & 220,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Buildings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 01 & & & 90,000 \\ \hline \end{tabular} Accumulated depreciation \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan01 & & & 30.000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 01 & & & 40,000 \\ \hline \multicolumn{5}{|c|}{ Common stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 01 & & & 120,000 \\ \hline \end{tabular} Retained earnings \begin{tabular}{|c|c|c|c|c|} \hline Vo. & Date & Debit & Credit & Balance \\ \hline & Jan01 & & & 258,000 \\ \hline \end{tabular} Review the adjusted 'Trial Balance' as of January 31, 2021. (Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs.) Prepare a multiple-step income statement for the period ended january 31,2021 . (Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. For any "other" revenue/expense, enter the revenue amount first; check that the sign, +/, is correct.) Prepare a classified balance aheat as of January 31, 2021. (Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance.)