let me know if I am on the right track and please help with a balance sheet.

One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were:

Cash	20,710
Accounts Receivable	8,270
Allowance for Doubtful Accounts	995
Inventory	12,600
Prepaid Rent	1,820
Equipment	38,200
Accumulated Depreciation	3,720
Accounts Payable	0
Sales Tax Payable	500
FICA Payable	600
Withheld Income Taxes Payable	500
Salaries and Wages Payable	1,600
Unemployment Tax Payable	300
Deferred Revenue	4,500
Interest Payable	520
Notes Payable (long-term)	23,100
Common Stock	16,400
Additional Paid-In Capital, Common	19,735
Retained Earnings	13,130
Treasury Stock	4,000

The following information is relevant to the first month of operations in the following year:

OPC sells its inventory at $150 per unit, plus sales tax of 6 percent. OPCs January 1 inventory balance consists of 180 units at a total cost of $12,600. OPCs policy is to use the FIFO method, recorded using a perpetual inventory system.

The $1,820 in Prepaid Rent relates to a payment made in December for January rent this year.

The equipment was purchased on July 1 of last year. It has a residual value of $1,000 and an expected life of five years. It is being depreciated using the straight-line method.

Employee wages are $4,000 per month. Employees are paid on the 16th for the first half of the month and on the first day of the following month for the second half of each month. Withholdings each pay period include $250 of income taxes and $150 of FICA taxes. These withholdings and the employers matching contribution are paid monthly on the second day of the following month. In addition, unemployment taxes of $50 are accrued each pay period, and will be paid on March 31.

Deferred Revenue is for 30 units ordered and paid for in advance by two customers in late December. One order of 25 units is to be filled in January, and the other will be filled in February.

Notes Payable arises from a three-year, 9 percent bank loan received on October 1 last year.

The par value on the common stock is $2 per share.

Treasury Stock arises from the reacquisition of 500 shares at a cost of $8 per share.

January Transactions

On 1/01, OPC paid employees salaries and wages that were previously accrued on December 31.

A truck is purchased on 1/02 for $13,000 cash. It is estimated this vehicle will be used for 50,000 miles, after which it will have no residual value.

Payroll withholdings and employer contributions for December are remitted on 1/03.

OPC declares a $0.50 cash dividend on each share of common stock on 1/04, to be paid on 1/10.

A $1,005 customer account is written off as uncollectible on 1/05.

On 1/06, recorded sales of 175 units of inventory on account. Sales tax is charged but not yet collected or remitted to the state.

Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07.

On 1/08, OPC issued 300 shares of treasury stock for $2,400.

Collections from customers on account, totaling $17,721, are recorded on 1/09.

On 1/10, OPC distributes the $0.50 cash dividend declared on January 4. The companys stock price is currently $5 per share.

OPC purchases on account and receives 70 units of inventory on 1/11 for $4,060.

The equipment purchased last year for $38,200 is sold on 1/15 for $38,400 cash. Record depreciation for the first half of January prior to recording the equipment disposal.

Payroll for January 115 is recorded and paid on 1/16. Be sure to accrue unemployment taxes and the employers matching share of FICA taxes.

Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $23,715, which includes interest accrued in December and an additional $95 interest through January 17.

On 1/27, OPC records sales of 30 units of inventory on account. Sales tax is charged but not yet collected or remitted.

A portion of the advance order from December (25 units) is delivered on 1/29. No sales tax is collected on this transaction because the customer is a U.S. governmental organization that is exempt from sales tax.

To obtain funds for purchasing new equipment, OPC issued bonds on 1/30 with a total face value of $101,000, stated interest rate of 5 percent, annual compounding, and six-year maturity date. OPC received $91,372 from the bond issuance, which implies a market interest rate of 7 percent.

On 1/31, OPC records units-of-production depreciation on the vehicle (truck), which was driven 2,000 miles this month.

OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Adjust the applicable accounts on 1/31, using the allowance method.

On 1/31, adjust for January rent expired.

Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employers matching share of FICA taxes.

Accrue OPCs corporate income taxes on 1/31, estimated to be $5,050.

NoDateGeneral JournalDebitCredit1January 01Salaries and Wages Payable1,600Cash1,6002January 02Vehicles13,000Cash13,0003January 03FICA Payable600Withheld Income Taxes Payable500Cash1,1004January 04Dividends4,100Dividends Payable4,1005January 05Allowance for Doubtful Accounts1,005Bad Debt Expense5Accounts Receivable1,0106January 06Accounts Receivable27,825Sales Revenue26,250Sales Tax Payable1,5757January 06Cost of Goods Sold12,250Inventory12,2508January 07Sales Tax Payable500Cash5009January 08Cash2,400Treasury Stock2,40010January 09Cash17,721Accounts Receivable17,72111January 10Dividends Payable4,100Cash4,10012January 11Inventory4,060Accounts Payable4,06013January 15Depreciation Expense310Accumulated Depreciation-Equipment31014January 15Cash38,400Accumulated Depreciation-Equipment960Equipment38,200Sales Revenue1,59215January 16Salaries and Wages Expense2,000Payroll Tax Expense200Cash1,600Withheld Income Taxes Payable250FICA Payable300Unemployment Tax Payable5016January 17Notes Payable (long-term)23,100Interest Payable520Interest Expense95Cash23,71517January 27Accounts Receivable4,770Sales Tax Payable4,500Sales Revenue27018January 27Cost of Goods Sold1,850Inventory1,85019January 29Deferred Revenue3,750Sales Revenue3,75020January 29Cost of Goods Sold1,450Inventory1,45021January 30Cash91,372Loss on Bond Retirement9,628Bonds Payable101,00022January 31Depreciation Expense520Accumulated Depreciation-Vehicles52023January 31Bad Debt ExpenseAllowance for Doubtful Accounts24January 31Rent Expense1,820Prepaid Rent1,82025January 31Salaries and Wages Expense1,600Withheld Income Taxes Payable250FICA Payable300Unemployment Tax Payable5026January 31Income Tax Expense5,050Income Tax Payable5,050