On January 1, 2018, the general ledger of a company includes the following account balances:

Accounts	Debit			Credit
Cash	$	90,000
Accounts Receivable		60,000
Allowance for Uncollectible Accounts				$	5,000
Inventory		50,000
Building		90,000
Accumulated Depreciation					30,000
Land		220,000
Accounts Payable					40,000
Notes Payable (8%, due in 3 years)					57,000
Common Stock					120,000
Retained Earnings					258,000
Totals	$	510,000		$	510,000

The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded using the gross method for cash discounts. The $16,000 beginning balance of inventory consists of 200 units, each costing $80. During January 2018, the company had the following transactions: During January 2018, the following transactions occur:

January		2		Lent $40,000 to an employee by accepting 6% note due in six months.
January		5		Purchased 5,600 units of inventory on account for $504,000 ($90 each) with terms 1/10, n/30.
January		8		Returned 100 defective units of inventory purchased on January 5.
January		15		Sold 5,400 units of inventory on account for $594,000 ($110 each) with terms 2/10, n/30.
January		17		Customers returned 100 units sold on January 15. These units are placed in inventory to be sold in the future.
January		20		Received cash from customers on accounts receivable. This amount includes $56,000 from 2017 plus amount receivable on sale of 4,900 units sold on January 15.
January		21		Wrote off remaining accounts receivable from 2017.
January		24		Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 5,200 units on January 5.
January		28		Paid cash for salaries during January, $48,000.
January		29		Paid cash for utilities during January, $30,000.
January		30		Paid dividends, $9,000.

The following information is available on January 31, 2018. Of the remaining accounts receivable, the company estimates that 10% will not be collected. Accrued interest income on notes receivable for January. Accrued interest expense on notes payable for January. Accrued income taxes at the end of January for $7,000. Depreciation on the building, $4,000.

Journal Entry: Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 13) assuming a FIFO perpetual inventory system. The transaction on January 30 requires two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as items 14-18). Record the closing entries in the 'General Journal' tab (these are shown as items 19 and 20). (The company prepares closing entries by closing the appropriate accounts directly to Retained Earnings. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1). Lent $40,000 to an employee by accepting 6% note due in six months. 2.) Purchased 5,600 units of inventory on account for $504,000 ($90 each) with terms 1/10, n/30. 3.) Returned 100 defective units of inventory purchased on January 5. 4.)Record the Sale of inventory on account. 5.) Record the cost of inventory sold.6.) Record the reveasal of sale entry due to return. 7.) Record the reveasal of cost of goods sold entry due to return. 8.) Received cash from customers on accounts receivable. This amount includes $56,000 from 2017 plus amount receivable on sale of 4,900 units sold on January 15. 9.) Wrote off remaining accounts receivable from 2017. 10.) Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 5,200 units on January 5. 11.) Paid cash for salaries during January, $48,000. 12.) Paid cash for utilities during January, $30,000. 13.) Paid dividends, $9,000. 14.) Of the remaining accounts receivable, the company estimates that 10% will not be collected. 15.) Accrued interest income on notes receivable for January. 16.) Accrued interest expense on notes payable for January. 17.) Accrued income taxes at the end of January for $7,000. 18.)Depreciation on the building, $4,000. 19.)Record the Closing entry for temporary credit accounts. 20.) Record the Closing entry for temporary debit accounts.

General Trial Balance Statement General ournal uirement Statement Balance Sheet Analysis Review the adjusted 'Trial Balance' as of January 31, 2018. (Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs.) Unadjusted Company Trial Balance January 30, 2018 Account Title Debit Credit Cash Accounts receivable 90,000 60,000 Allowance for uncollectible accounts Inventory Land Buildings Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Total 5,000 0,000 220,000 90,000 30,000 40,000 57,000 120,000 258,000 510,000 510,000 S