Cash $13,100 Accounts payable $ 11,750 Accounts receivable Allowance for doubtful accounts Inventory 29,780 Common stock (800) Retained earnings 12,400 30,000 12,730 $54,480 $54,480 3 8. During July 2021, the following transactions occurred. 1 Wallace accepted a 6-month in March, 8% note from Libby Company in payment of Libby's $1,200 account Wallace wrote off as uncollectible the accounts of Jorwald Corporation ($450) and Dardon Company ($280) Wallace purchased $17.200 of inventory on account. I 11. Wallace sold products on account for $25,000 on account. 2/10, N30 15 Wallace sold products to Peter Tasca for $19,000 on account 3/15, N 30 17. Wallace collected $22,900 from customers on account. 18. Tasca was granted a 200 sales Allowance. 19. Wallace received a return of $5000 from the sale on July 11 20. Wallace Collected the balance owed on the July 11" 21 Wallace received payment in full ($280) from Drake Company on the account written off on July 3. 22. Wallace paid $1000 on accounts payable 27 Wallace purchased supplies for $1,400 cash. 31. Wallace paid Salories, $3,218 . Adjustment data: 1. Interest is recorded for the month on the note from January 1. 2.Bad debts are expected to be 5% of the January 31, 2017, accounts receivable. 3.A count of advertising supplies on January 31, 2017, reveals that $560 remains unused. . . 4. The income tax rate is 30%. (Hint: Prepare the income statement up to "Income before taxes" and multiply by 30% to compute the amount; round to whole dollars.) Instructions T-accounts to determine ending balances. (b) Prepare an adjusted trial balance at July 31, 2021. (c) Prepare an income statement and a retained earnings statement for the month ending July 31, 2021, and a classified balance sheet as of January 31, 2021