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1,940 Required information [The following information applies to the questions displayed below.) One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: Cash 22,000 Accounts Receivable 8,300 Allowance for Doubtful Accounts 1,055 Inventory 12, 240 Prepaid Rent Equipment 45,400 Accumulated Depreciation 4,440 Accounts Payable Sales Tax Payable FICA Payable Withheld Income Taxes Payable 500 Salaries and Wages Payable 1,600 Unemployment Tax Payable Deferred Revenue 4,500 Interest Payable Notes Payable (long-term) 23,700 Common Stock 18,200 Additional Paid-In Capital, Common 20,622 Retained Earnings 17,930 Treasury Stock 4,000 The following information is relevant to the first month of operations in the following year: 500 600 300 533 OPC sells its inventory at $150 per unit, plus sales tax of 6 percent OPC's January 1 inventory balance consists of 180 units at a total cost of $12,240. OPC's policy is to use the FIFO method, recorded using a perpetual Inventory system. The $1.940 in Prepaid Rent relates to a payment made in December for Jangary rent this year, The equipment was purchased on July 1 of last year. It has a residual value of $1,000 and an expected life of five years. It is being depreciated using the straight-line method. Employee wages are $4,000 per month. Employees are paid on the 16th for the first half of the month and on the first day of the following month for the second half of each month. Withholdings each pay period include $250 of income taxes and $150 of FICA taxes. These withholdings and the employer's matching contribution are paid monthly on the second day of the following month. In addition, unemployment taxes of $50 are accrued each pay period, and will be paid on March 31 Deferred Revenue is for 30 unite orrored and nail for in advance hy twn customers in late Deromber One arrier of Record the issuance of 10 percent stock dividend. Debit Credit Note: Enter debits before credits Transaction General Journal 1 Retained Earnings Common Stock Additional Paid-In Capital, Common Stock C 2 BE