On January 1, 2018, the general ledger of a company includes the following account balances Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Building Accumulated Depreciation Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings $ 81,000 54,000 $ 8,000 41,000 81,000 21,000 211,000 31,000 45,000 111,000 252,000 468,000 Totals $ 468,000 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 $30,000 beginning balance of inventory consists of 300 units, each costing $100 During January 2018, the company had the following transactions During January 2018, the following transactions occur: January 2 Lent $31,000 to an employee by accepting 6% note due in six months. January 5 Purchased 4,900 units of inventory on account for $539,000 ($110 each) with terms 1/10, n/30 January 8 Returned 120 defective units of inventory purchased on January 5. January 15 Sold 4,700 units of inventory on account for $611,000 ($130 each) with terms 2/10, n/30 January 17 Customers returned 300 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 $47,000 from 2017 plus amount receivable on sale of 4,100 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 4,500 units on January 5 January 28 Paid cash for salaries during January, $39,000 January 29 Paid cash for utilities during January, $21,000 January 30 Paid dividends, $7,000. The following information is available on January 31, 2018 a. Of the remaining accounts receivable, the company estimates that 10% will not be collected b. Accrued interest income on notes receivable for January C. Accrued interest expense on notes payable for January d. Accrued income taxes at the end of January for $6,100 e. Depreciation on the building, $3,100 General Journal General Trial Balance Ledger Statement Balance Sheet Analysis 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 2. Record adjusting entries on January 31. in the 'General Journal tab (these are shown as items 14-18). 3. Review the adjusted 'Trial Balance' as of January 31, 2018, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2018, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2018, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 19 and 20). Using the information from the requirements above, complete the 'Analysis' tab