Check my work On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances Credit Dahit $ 60,500 28,600 $ 4,000 Account Cash Accounts Receivable Allowance for thcollectible Accounts Inventory Not Receivable (5, due in 2 years) Land Accounts Payable Common Stook Retained Earnings Totals 38,100 33.600 173.000 16,600 238.000 75,200 $333,000 $333,800 During January 2021, the following transactions occur January 1 Purchase equipment for $21,300. The company estimates a residual value of $3,300 and a six-year service life. January 4 Pay cash on accounts payable, 511,300. January Purchase additional inventory on account, $100,900. January 15 Receive cash on accounts receivable, $23,000. January 19 Pay canh for salaries,531,600. January 28 Pay cash for January utilities, $18,300. January 30 Sales for January total $238,000. All of these sales are on account. The cost of the units sold is $124,000. The following information is available on January 31, 2021. 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 $4,800 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Accrued interest revenue on notes receivable for January d. Unpaid salaries at the end of January are $34,400. e. Accrued Income taxes at the end of January are $10,800. Journal entry worksheet Purchase additional inventory on account, $100,900. Note: Enter debits before credits. Date General Journal Debit Credit Jan 08 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 6 7 8 .... 15 > Receive cash on accounts receivable, $23,800 Note: Enter debits before credits. Date General Journal Debit Credit Jan 15 Record entry Clear entry View general Journal Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry rec account field.) View transaction list Journal entry worksheet 1 2 3 4 6 7 8 ..... 15 > Pay cash for salaries, $31,600. Note: Enter debits before credits. Date General Journal Debit Credit Jan 19 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Sales for January total $238,000. All of these sales are on account. Note: Enter debits before credits. Date General Journal Debit Credit Jan 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet .... The cost of the units sold is $124,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan 30 Record entry Clear entry View general journal Journal entry worksheet Depreciation on the equipment for the month of January is calculated using the straight-line method. Record the adjusting entry for depreciation. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 Record entry Clear entry View general journal ournal entry worksheet 1 M. 5 67 8 9 10 ..... 15 The company estimates future uncollectible accounts. The company determines $4,800 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts te: Enter debits before credits. Date General Journal Debit Credit Jan 31 View general journ View transaction list Journal entry worksheet