Help Save Credit Debit $ 25,800 47.600 $ 4,900 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) Common Stock Retained Earnings Totals 20,700 53,000 18,500 2.200 29.200 57.000 42,800 30,300 $165,600 $165,600 During January 2021. the following transactions occur January 2 Sold gift cards totaling $9,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $154,000. January 15 Firework sales for the first half of the month total $142,000. All of these sales are on account. The cost of the units sold is $72,300. January 23 Receive $126, 100 from customers on accounts receivable. January 25 Pay $97,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, 55,500. January Be Firework sales for the second half of the month total $150,008. Sales include $15,000 for cash and $135,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, 552,700. January 31 Pay cash for monthly salaries, 552,700. Check . Depreciation on the equipment for the month of January is calculated using the straight-line method At the time the equipment was purchased, the company estimated a residual value of $4,700 and a two-year service life. The company estimates future uncollectible accounts. The company determines $18,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) Accrued interest expense on notes payable for January Accrued income taxes at the end of January are $13,700 . By the end of January, $3,700 of the gift cards sold on January 2 have been redeemed. 2. Record the adjusting entries on January 31 for the above transactions (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet