Exercise 8-31 (Algo) General Ledger Exercise; Receivable and inventory transactions (LO8-1, 8-3, 8-5) On January 1, 2021, the general ledger of Tripley Company Included the following account balances: Credit Debit $202,000 62,000 $ 29,200 32,200 182,200 Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accumulated depreciation Land Accounts payable Notes payable (8%, due in 3 years) Common stock Retained earnings Totals 32,000 244,000 130,000 168,000 122,000 241,200 $722,400 $722,400 The $32,200 beginning balance of following transactions: ventory consists of 322 units, each costing $100. During January 2021, the company had the January 2 Lent $42,eee to an employee by accepting a 6% note due in six months. 5 Purchased 4,600 units of inventory on account for $596,00 ($118 each) with terms 1/10, n/30. & Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,400 units of inventory on account for $663,300 ($152 each) with terms 2/10, n/30. 17 Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future. 2e Received cash from customers on accounts receivable. This amount includes $38,200 from 2020 plus amount receivable on sale of 3,800 units sold on January 15. 21 wrote off remaining accounts receivable from 2020. 24 paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 4,200 units on January 5. 28 Paid cash for salaries during January, $50,000. 29 Paid cash for utilities during January, $32, 0eo. 3e paid dividends, $5,200. Month-end adjusung entries 8. Of the remaining accounts receivable, the company estimates that 10% will not be collected. b. Accrued interest revenue on notes receivable for January c. Accrued Interest expense on notes payable for January d. Accrued Income taxes at the end of January for $7,200. e. Depreciation on the building. $4,200. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your