At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. Record the adjusting entry for inventory.

The company records an adjusting entry for $3,000 for estimated future uncollectible accounts. Record the adjusting entry for uncollectible accounts.

The company accrues interest on notes payable for January. Interest is expected to be paid each December 31. Record the adjusting entry for interest.

The company accrues income taxes at the end of January of $12,300. Record the adjusting entry for income tax.

Record the entry to close the revenue accounts.

Record the entry to close the expense accounts.