On January 1, 2018, the general ledger of Redbud Company includes the following account balances Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Building Accumulated Depreciation Land Accounts Payable Notes Payable (8, due in 3 years) Common Stock Retained Earnings Debit Credit $ 5,000 15,000 $ 75,000 45,000 35,000 75,000 205,000 25,000 36,000 105,000 249,000 435,000 435,000 Totals Redbud Company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are sncorded nsingnhe gros method for 00ging balance of inventory consists of 250 units, each costing $110. During January 2018, Redbud had the following transactions: January 2 Loaned $25,000 to a supplier by accepting 6 note due in six months. Use Note Receivable, not Notes Receivable, account January 5 Purchased 4,200 units of inventory on account for $504,000 ($120 each) with terms 1/10, n/30. January 8 Returned 100 defective units of inventory purchased on January5 January 15 Sold 4,000 units of inventory on account for $560,000 ($140 each) with terms 2/10, n/30. Record 2 entries for this transaction uture. Record 2 entries for this transaction. receivable on sale of 3,400 units sold on January 15. oved from purchase of 3,800 units on January 5 January 17 Customers returned 300 units sold on January 15. These units are placed in inventory to be sold in the January 20 Received cash from customers on accounts receivable. This anount includes $41,000 from 2017 plus amount January 21 Wrote off remaining accounts receivable from 2017. January 24 Paid on accounts payable. The amount includes the amount oved at the beginning of the period plus the anount January 28 Paid cash for salaries during January, $33,000. January 29 Paid cash for utilities during January, $15,00o. January 30 Paid dividends, $8,000; record using Dividends account. The following information is available on January 31 2018. a. Of the remaining accounts receivable, Redbud estimated that 10% will not be collected b. Accrued interest income on notes recelvable for January (interest for 1 month). Accrued interest expense on notes payable for January (interest for 1 month). d. Accrued income taxes at the end of January for $5,500 Depreciation on the building, $2,500 General Requirementournal General Balance Sheet Ledger Trial Balance Income Statement Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 -13) assuming a Prev 1 of 2EE Next>