33.34 points C8-3 Recording Daily and Adjusting Entries Using FIFO in a Perpetual Inventory System (Chapters 3, 4, 6, 7, and 8) (LO 3-3, 4-2, 4-3, 4-4, 6-3, 6-4, 6-5, 7-3, 8-2, 8-3) (General Ledger) One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31 $18,620 9,650 900 2,800 4,350 1,300 15,000 5,000 4,520 Cash Allowance for Doubtful Accounts Unearned Revenue (30 units) Accounts Payable Notes Payable (long-term) Common Stock Retained Eanings credit balance. The following information is relevant to the first month of operations in the following year OTP will sell inventory at $145 per unit OTP's January 1 inventory balance consists of 35 units at a total cost of S2,800. OTP's policy is to use the FIFO method, recorded using a perpetual inventory In December, OTP received a $4,350 payment for 30 units to be delivered in January: this obligation at December 31 OTP's note payable matures in three years, and accrues interest at a 10% annual rate. was recorded in Unearned Revenue. Rent of S1,300 was unpaid and recorded in Accounts Payable