Cash $ 76,000 48,000 $ 11,000 33,000 73,000 13,000 Accounts Receivable Allowance for Uncollectible Accounts Inventory Building Accumulated Depreciation Land Accounts Payable Notes Payable (9%, due in 3 years) Common Stock Retained Earnings Totals 203,000 23,000 36,000 103,000 247,000 $ 433,000 $ 433,000 The $33,000 beginning balance of inventory consists of 300 units, each costing $110. During January 2020, the following transactions occurred: January 2 Received a $23,000 6-month, 6% note on a loan Boomer made to Cowboys, Inc. January 5 Purchased 3,200 units of inventory on account for $480,000 ($150 each) with terms 1/10, n/30. January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 3,000 units of inventory on account for $510,000 ($170 each) with terms 2/10, n/30. Record 2 entries for this transaction. January 17 Customers returned 100 units sold on January 15. These units were originally purchased by Boomer on January 5. The units were placed in inventory to be sold in the future. Record 2 entries for this transaction. January 20 Received cash from customers on accounts receivable. This amount includes $39,000 from 2019 plus amount receivable on sale of 2,500 units sold on January 15. January 21 Wrote off remaining accounts receivable from 2019. January 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 2,800 units on January 5. January 28 Paid cash for salaries during January, $31,000. January 29 Paid cash for utilities during January, $13,000. January 30 Paid dividends, $6,000. The following information is available on January 31, 2020 for adjusting entries at the end of the month. a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected. b. Accrued interest on notes receivable for January. c. Accrued interest on notes payable for January. d. Accrued income taxes at the end of January for $5,300. Journal entry worksheet Record the Closing entry for temporary credit accounts. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Record entry Clear entry View general journal Journal entry worksheet Record the Closing entry for temporary debit accounts. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Record entry Clear entry View general journal