Kokomo had the following transactions during January 2024: Jan. 4 Received payments of $278,480 from customers in payment of their accounts. 6 Received a shipment of furniture from a supplier. The invoice for $177,000 indicates that the terms are n/30, 8 Collected a note receivable from a customer. The note, which was for $59,000, had been issued to a customer in November 2023. It was a two-month note, with 12% interest due at maturity. On December 31, 2023, Kokomo correctly accrued the $1,180 in interest income earned to December 31, 2023. (Note that interest is calculated to the nearest half month) 10 Made sales totalling $234,400 to customers, Of this, $11,800 had been put down as a deposit by the customers when the furniture had been ordered, while the balance was on account (/30). The furniture had cost Kokomo $119,600. Kokomo expected sales returns of 3%. 12 Paid salaries of $30,680, which included the accrued salaries owing at the end of 2023 . 14 Wrote off the account of a customer who dectared bankruptcy. The customer had owed Kokomo \$21,240. 15 Agreed to accept a note receivable from a customer who was unable to pay its account receivable balance. The $23,600, two monthnote bears interest at 9% and interest is due at maturity. 17 A customer returned a table that was part of a purchase made on account on January 10. The table was returned because it was too big for the customer's dining room. It had a selling price of $4,720, with a cost of $2,832 to Kokomo. The table was in perfect condition and was placed back on the sales floor: 19 Received a $10.620 payment from a customer whose account had been written off in 2023. (Torecord bank loan payable) (To record credit losses) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score 10% score reduction after attempt 1 (To record sales) I (To record cost of goods sold) 23 Made sales of $850,200, of which half was on account and half was cash. The cost of the furniture sold was $116,400. Kokomo expected sales returns of 3%. 24 Paid the accounts payable related to the furniture received on January 6. 25 Paid accounts payable that were due to creditors totalling $138,060. 26 Purchased on account furniture from a supplier in Italy. The cost of the furniture was $162,840 with freight terms FOB shipping point. Freight costs totalled $1,180 and were paid in cash on Jan. 26. 31 Made the monthly payment on the bank loan. The loan bears interest at 3% and requires monthly payments on the last day of the month consisting of principal of $17,700 plus interest. The bank loan is expected to be fully repaid in 2028. Kokomo reconciles its bank account at the end of every month and makes any necessary journal entries. The following information was gathered from reviewing the company's bank statement for the month of January: 1. The service charges on the account were $159 for the month. 2. There were outstanding cheques of $79.060. 3. A cheque from one of Kokomo's customers for $14,278 that had been deposited during the month was returned by the bank because the customer had insufficient funds in their account. 4. The company's account balance at January 31 was $704,483 according to the bank statement. Kokomo records adjustments monthly on the last day of the month. Adjusting entries were required for the following: 1. Recorded depreciation on the equipment assuming that Kokomo uses the straight-line method to depreciate its equipment and the equipment is expected to have a useful life of 10 years. 2. The prepaid insurance balance at December 31,2023 , represented eight months of coverage. 3. Accrued salaries payable are $42,480, 4. Accrued the interest receivable on the note receivable from January 15 , which had been outstanding for half a month. 5. The estimated income taxes owing for the month of January was $28,320. Kokomo Designs Ltd. is an importer of Italian furniture. The company's post-closing trial balance at December 31, 2023, the end of its fiscal year, is presented below: (To record sales) (To record cost of goods sold) (To record sales returns) (To record cost of goods returned) (To record reinstatement of accounts receivable) (To record payment received) Record the January transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.)