On January 1, 2020, the general ledger of Redbud Company includes the following account balances: Credit Accounts Debit Cash $ 22,300 Accounts Receivable 37,500 Inventory 32,000 Land 64,600 Allowance for Uncollectible Accounts Accounts Payable Notes Payable (9%, due in 3 years) Common Stock Retained Earnings 3,500 31,400 32,000 58,000 31,500 Totals $156,400 $156,400 The $32,000 beginning balance of inventory consists of 320 units, each costing $100. During January 2020, Redbud had the following inventory transactions: ary Purchase 1,100 units for $117,700 on account ($107 each). January Purchase 1,200 units for $134,400 on account ($112 each). January Purchase 1,300 units for $152,100 on account ($117 each). Return 110 of the units purchased on January 12 because of defects. January Sell 3,700 units on account for $555,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January y Receive $533,000 from customers on accounts receivable. 22 January Pay $363,000 to inventory suppliers on accounts payable. Write off accounts receivable as uncollectible, $2,700. 27 ' Pay cash for salaries during January, $116,000. The following information is available on January 31, 2020. a. At the end of January, the estimated selling price of the remaining units of inventory is only $100 each. [Hint: find the number of units left by adding units in beginning inventory to the number of units purchased and subtracting the number of units sold.] b. The company estimated future uncollectible accounts by preparing an aging schedule. $4,200 of accounts receivable on January 31 are past due, and 40% of these accounts are estimated to be uncollectible. The rest of the accounts receivable are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Find the total accounts receivable on January 31 by looking in the general ledger.) c. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. d. Accrued income taxes at the end of January are $12,500. Taxes will be paid in March, 2020. Require... General General Trial Income Balance Journal Ledger Balance Statem... Sheet If no entry is required for a transaction/event, select "No journal entry required" in the first account field. ICLUJULUIJL Journal entry worksheet 2 3 4 5 6 7 8 ..... 16 Purchase 1,100 units for $117,700 on account ($107 each). Note: Enter debits before credits. Account Title Debit Credit Date Jan 03 Record entry Clear entry View general journal General Ledger Account Cash Debit Credit No. Date | Dec 31 Balance No. 22,300 L Accounts receivable Date Debit Credit Dec 31 I Balance 37,500 I Allowance for uncollectible accounts No. Date Debit Credit Balance No. | Dec 31 3,500 L Inventory Debit Credit Datel Dec 31 | Balance 32,000 Land Debit Credit No. Date | Dec 31 Balance 64,600 Accounts payable No. Date Debit Credit | Dec 31 1 Balance 31,400 I L Common stock Debit Credit Notes payable Date Debit Credit Dec 31 1 No. | No. Balance 32,000 Date Dec 31 Balance 58.000 No. 1 Retained earnings Date Debit Credit Dec 31 1 T Balance 31,500 Credit $ Debit 22,300 37,500 Unawust! Redbud Company Trial Balance January 31, 2018 Account Title Cash Accounts receivable Allowance for uncollectible accounts Inventory Land Accounts payable Notes payable Common stock Retained earnings Total 14111111 3,500 32,000 64,600 31,400 32,000 58,000 31,500 156,400 $ 156,400 $ Unadjusti Redbud Company Multiple-Step Income Statement For the year ended January 31, 2020 Gross profit Total operating expenses Operating income Income before taxes Unadjusti - to: Jan Dates: Jan 01 Redbud Company Classified Balance Sheet January 31, 2020 Liabilities Current Liabilities: Assets Current Assets: Total Current Liabilities Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets General Ledger Account Cash Debit Credit No. Date | Dec 31 Balance No. 22,300 L Accounts receivable Date Debit Credit Dec 31 I Balance 37,500 I Allowance for uncollectible accounts No. Date Debit Credit Balance No. | Dec 31 3,500 L Inventory Debit Credit Datel Dec 31 | Balance 32,000 Land Debit Credit No. Date | Dec 31 Balance 64,600 Accounts payable No. Date Debit Credit | Dec 31 1 Balance 31,400 I L Common stock Debit Credit Notes payable Date Debit Credit Dec 31 1 No. | No. Balance 32,000 Date Dec 31 Balance 58.000 No. 1 Retained earnings Date Debit Credit Dec 31 1 T Balance 31,500 Credit $ Debit 22,300 37,500 Unawust! Redbud Company Trial Balance January 31, 2018 Account Title Cash Accounts receivable Allowance for uncollectible accounts Inventory Land Accounts payable Notes payable Common stock Retained earnings Total 14111111 3,500 32,000 64,600 31,400 32,000 58,000 31,500 156,400 $ 156,400 $ Unadjusti Redbud Company Multiple-Step Income Statement For the year ended January 31, 2020 Gross profit Total operating expenses Operating income Income before taxes Unadjusti - to: Jan Dates: Jan 01 Redbud Company Classified Balance Sheet January 31, 2020 Liabilities Current Liabilities: Assets Current Assets: Total Current Liabilities Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets