It is a 4 part question please answer accordingly
On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Debit $ 59,700 27,000 $ 3,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,380 24,000 165,000 15,800 230,000 64,000 $313,000 $313,00 During January Year 1, the following transactions occur January 1 Purchase equipment for $20,500. The company estimates a residual value of $2,500 and a six-year servi life. January 4 Pay cash on accounts payable, $19,500 January Purchase additional Inventory on account, $92,900. January 15 Receive cash on accounts receivable, $23,000 January 19 Pay cash for salaries, 530,000 January 28 Pay cash for January utilities, $17,500 January 30 Sales for January total $230,000. All of these sales are on account. The cost of the units told is $1. Information for adjusting entries 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 $4,000 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 $33,600. e. Accrued income taxes at the end of January are $10,000. 3. Prepare an adjusted trial balance as of January 31, Year 1. B Adjusted Trial Balance January 31, Year 1 Accounts Debit B of 4 Credit 4. 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 Total Operating Expenses 1. Record each of the transactions listed above (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 1 2 3 4 5 6 78 Purchase equipment for $20,500, cash. The company estimates a residual value of $2,500 and a six year service life. Hote: Enter debits before credits General Journal Debit Kredit Date January 01 2. 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.) View transaction list Journal entry worksheet
