\f2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select particular "No Journal Entry Required" in the first account field.) X Answer is not complete. No Date General Journal Debit Credit 1 January 31 Depreciation Expense V 250 V Accumulated Depreciation V 250 V 2 January 31 Bad Debt Expense Allowance for Uncollectible Accounts 3 January 31 Interest Receivable 110 Interest Revenue 110 4 January 31 Salaries Expense 33,800 Salaries Payable 33,800 5 January 31 Income Tax Expense V 10,200 Income Tax Payable V 10,200 VNo Date General Journal Debit Credit 1 January 01 Equipment 20,700 Cash V 20,700 2 January 04 Accounts Payable 10,700 Cash 10,700 3 January 08 Inventory 94,900 Accounts Payable 94,900 4 January 15 Cash 23,200 Accounts Receivable 23,200 5 January 19 Salaries Expense 31,000 Cash 31,000 6 January 28 Utilities Expense V 17,700 Cash 17,700 7 January 30 Accounts Receivable 232,000 Sales Revenue V 232,000 8 January 30 Cost of Goods Sold 121,000 Inventory V 121,0004. Prepare a multiple-step income statement for the period ended January 31, Year 1. Multiple-Step Income Statement For the month ended January 31, Year 1 Expenses $ 0 Total Operating Expenses 0 0 0 0On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 59,900 Accounts Receivable 27,400 Allowance for Uncollectible Accounts $ 3,400 Inventory 37,500 Notes Receivable (5%, due in 2 years) 26,400 Land 167,000 Accounts Payable 16,000 Common Stock 232,000 Retained Earnings 66,800 Totals $318,200 $318,200 During January Year 1, the following transactions occur: January 1 Purchase equipment for $20,700. The company estimates a residual value of $2,700 and a six-year service life. January 4 Pay cash on accounts payable, $10,700. January 8 Purchase additional inventory on account, $94,900. January 15 Receive cash on accounts receivable, $23,200. January 19 Pay cash for salaries, $31,000. January 28 Pay cash for January utilities, $17,700. January 30 Sales for January total $232,000. All of these sales are on account. The cost of the units sold is $121,000. Information for adjusting entries: 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 $4,200 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 3% 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 $33,800. e. Accrued income taxes at the end of January are $10,200