On January 1, 2021, the general ledger of Boomer Company includes the following account balances: Accounts Cash Debit $ 85,000 Credit Accounts Receivable. 55,000 Allowance for Uncollectible Accounts $ 5,000 Inventory 45,000 Building Land 85,000 Accumulated Depreciation 25,000 215,000 Accounts Payable 35,000 Notes Payable (88, due in 3 years) 51,000 Common Stock 115,000 Retained Earnings 254,000 Totals $485,000 $485,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2021, the following transactions occurred: January 2 Received a $35,000 6-month, 6 note on a loan Boomer made to Cowboys, Inc. January 5 Purchased 5,200 units of inventory on account for $572,000 ($110 each) with terms 1/10, n/30. January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 5,000 units of inventory on account for $650,000 ($130 each) with terms 2/10, n/30. Record 2 entries for this transaction. January 17 Customers returned 200 units sold on January 15. These units were originally purchased by Boomer on January 5. The units were placed in inventory to be sold in the future. Record 2 entries for this transaction. January 20 Received cash from customers on accounts receivable. This amount includes $51,000 from 2020 plus amount receivable on sale of 4,400 units sold on January 15. January 21 Wrote off remaining accounts receivable from 2020. 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 4,800 units on January 5. January 28 Paid cash for salaries during January, $43,000. January 29 Paid cash for utilities during January, $25,000. January 30 Paid dividends, $4,000. The following information is available on January 31, 2021 for adjusting entries at the end of the month. a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected. h Arenied interact on notes receivable for lanuan The following information is available on January 31, 2021 for adjusting entries at the end of the month. a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected. b. Accrued interest on notes receivable for January. c. Accrued interest on notes payable for January. d. Accrued income taxes at the end of January for $6,500. e. Depreciation on the building, $3,500. Problem Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 13) assuming a FIFO petual inventory system. 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). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less A Requirement General Journal General Ledger Trial Balance Income. Statement Balance Sheet - Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 13) as inventory system. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as it closing entries in the 'General Journal' tab (these are shown as items 19 and 20). (If no entry is required F select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 20 20 Received a $35,000 6-month, 6% note on a loan Boomer made to Cowboys, Inc. Note: Enter debits before credits. Date Jan 02 Account Title Debit Credit Record entry Clear entry View general journal > Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted or post-closing balances. Unadjusted General Ledger Account Cash Accounts receivable No. Datel Debit Credit Balance No. Date Debit Credit Balance Jan 01 85,000 Jan 01 55,000 Allowance for uncollectible accounts No. Date Debit Jan 01 Credit Inventory Balance No. 5,000 Date Jan 01 Debit Credit Balance 45,000 Land Buildings No. Date Debit Credit. Balance No. Date Debit Credit Jan 01 215,000 Jan 01 Balance 85,000 Accumulated depreciation No. Date Debit Jan 01 Credit Balance No. Date Accounts payable Debit Credit Balance 25,000 Jan 01 35,000 Notes payable Common stock No. Date Debit Credit Balance No. Date Debit Credit Balance Jan 01 51,000 Jan 01 115,000 Review the adjusted 'Trial Balance' as of January 31, 2021. (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 Cash Accounts receivable Allowance for uncollectible accounts Inventory Land Buildings Accumulated depreciation Accounts payable Notes payable Common stock Retained eamings Total Boomer Company Trial Balance January 30, 2018 Account Title Debit Credit S 85,000 55,000 5,000 45,000 215,000 85,000 25,000 35,000 51,000 115,000 254,000 485,000 $ 485,000 Prepare a multiple-step income statement for the period ended January 31, 2021. (Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. For any "Other" revenue/expense, enter the revenue amount first; check that the sign, +/-, is correct.) Show less A Unadjusted Boomer Company Multiple-Step Income Statement For the month ended January 31, 2021 Net sales revenue Gross profit Total operating expenses Operating income Prepare a classified balance sheet as of January 31, 2021. (Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance.) Unadjusted Current Assets: Boomer Company Balance Sheet January 31, 2021 Assets Liabilities Current Liabilities: Total Current Liabilities Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity Total Stockholders' Equity