Jones Widget Company (JWC) incorporated near the end of 2007. Operations began in January of 2008. JWC prepares adjusting entries and financial statements at the end of each month. The statements report monthly results for the period February 1-29, 2008. Pertinent items of general information: Beginning Balances from 1/31/08 Cash $33,620 Unearned Revenue (40 units) $6,000 Accounts Receivable $9,510 Accounts Payable (Jan Rent) $1,300 Allowance for Doubtful Accounts $700 Notes Payable $18,000 Inventory (30 units) $2,730 Contributed Capital $15,000 Retained Earnings $4,860 JWC establishes a policy that it will sell inventory at $150 per unit.