On January 1, 2017, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,240 cash. The new company, Pearl Sales and Service, has the following transactions during January.

Using transaction data listed below, prepare (1) a cash-basis balance sheet, and (2) an accrual-basis balance sheet as of january 31, 2017. list assets in order of liquidity.

1.		Pays $9,000 in advance for 3 months rent of office, showroom, and repair space.
2.		Purchases 41 personal computers at a cost of $1,660 each, 7 graphics computers at a cost of $2,660 each, and 26 printers at a cost of $460 each, paying cash upon delivery.
3.		Sales, repair, and office employees earn $13,840 in salaries and wages during January, of which $4,240 was still payable at the end of January.
4.		Sells 31 personal computers at $2,710 each, 5 graphics computers for $3,760 each, and 16 printers for $660 each; $76,240 is received in cash in January, and $37,130 is sold on a deferred payment basis.
5.		Other operating expenses of $9,640 are incurred and paid for during January; $3,240 of incurred expenses are payable at January 31.