On January 1, 2018, the general ledger of TNT Fireworks includes the following ending account balances:

Accounts	Debit			Credit
Cash	$	60,700
Accounts Receivable		29,000
Inventory		38,300
Notes Receivable (5%, due in 2 years)		36,000
Land		175,000
Allowance for Uncollectible Accounts					4,200
Accounts Payable					16,800
Common Stock					240,000
Retained Earning					78,000
Totals	$	339,000		$	339,000

During January 2018, the following transactions occur:

January 1	Purchase equipment for $21,500. The company estimates a residual value of $3,500 and a five-year service life.
January 4	Pay cash on accounts payable, $11,500.
January 8	Purchase additional inventory on account, $102,900.
January 15	Receive cash on accounts receivable, $24,000
January 19	Pay cash for salaries, $31,800.
January 28	Pay cash for January utilities, $18,500.
January 30	Firework sales for January total $240,000. All of these sales are on account. The cost of the units sold is $125,000.

The following information is available on January 31, 2018.

Depreciation on the equipment for the month of January is calculated using the straight-line method.

The company estimates future uncollectible accounts. At the end of January, considering the total ending balance of the accounts receivable account, $5,000 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). The company estimates that 50% of the past due balance will be uncollectible and only 2% of the current balance will become uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)

Accrued interest revenue on notes receivable for January.

Unpaid salaries at the end of January are $34,600.

Accrued income taxes at the end of January are $11,000