6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No 1 Date January 31 2021 General Journal Debit Credit Sales Revenue 235,000 Interest Revenue 125 Retained Earnings 235,125 2 January 31 2021 Retained Earnings Salaries Expense Utilities Expense Bad Debt Expense Depreciation Expense Income Tax Expense 97,400 65,400 18,000 3,250 250 10,500 On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Debit Credit Accounts Receivable $ 60,200 28,000 Allowance for Uncollectible Accounts $ 3,700 Inventory 37,800 Notes Receivable (5%, due in 2 years) 30,000 Land 170,000 Accounts Payable Common Stock Retained Earnings Totals 16,300 235,000 71,000 During January 2021, the following transactions occur: $326,000 $326,000 January 1 Purchase equipment for $21,000. The company estimates a residual value of $3,000 and a six-year service life. January 4 Pay cash on accounts payable, $11,000. January 8 Purchase additional inventory on account, $97,900. January 15 Receive cash on accounts receivable, $23,500. January 19 Pay cash for salaries, $31,300. January 28 Pay cash for January utilities, $18,000. January 30 Sales for January total $235,000. All of these sales are on account. The cost of the units sold is $122,500. Information for adjusting entries: a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company estimates future uncollectible accounts. The company determines $4,500 of accounts receivable on January 31 are past due. and 50% of these accounts are estimated to be uncollectible. The remaining accounts