On January 1, 2021, the general ledger of Boomer Company includes the following account balances: Credit Debit $ 26,900 49,800 $ 6,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings Totals 21,800 64,000 24,000 3,300 30, 300 68,000 53,000 25,900 $186,500 $186,500 During January, 2021, the following transactions occur: January 2 Sold gift cards totaling $11,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchased additional inventory on account, $165,000. January 15 Recorded sales for the first half of the month of $153,000. All of these sales are on account. The cost of the units sold is $82,800. January 23 Received $127,200 from customers on accounts receivable. January 25 Paid $108,000 to inventory suppliers on accounts payable. January 28 Wrote off accounts receivable as uncollectible, $6,600. (Hint: see an example of this entry on p. 56 of the notes.) January 30 Recorded sales for the second half of the month of $161,000. $18,000 of the sales were made for cash and $143,000 were on account. The cost of the units sold is $88,500. (Hint: entry will have 2 debits and 1 credit.) January 31 Paid cash for monthly salaries, $53,800. The following information is available on January 31. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,800 and a two-year service life. b. The company estimated future uncollectible accounts and recorded Bad Debt Expense. The company determined $29,000 of accounts receivable n January 31 were past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Step 1-Compute the total estimated uncollectible accounts by making an aging schedule like the one on p. 56 of the notes. Split the Jan. 31 Accounts Receivable balance into Past Due and Not Past Due. Step 2-Bad Debt Expense is the amount necessary to bring the Allowance balance to the total estimated uncollectible accounts in Step 1.) C. Accrued interest expense on notes payable for January. d. Accrued income taxes at the end of January are $14,800. e. By the end of January, $4,800 of the gift cards sold on January 2 were redeemed (ignore cost of goods sold). Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Jourr Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 17 Sold gift cards totaling $11,600. The cards are redeemable for merchandise within one year of the purchase date. Note: Enter debits before credits. Account Title / Debit Credit Date Jan 02 Record entry Clear entry View general journal Require General General Trial Income Balance Journal | Ledger Balance Statem... | Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjust General Ledger Account Cash Debit No. Credit No. Date Jan 01 Balance 26,900 Accounts Receivable Date Debit Credit Jan 01 Balance 49,800 Allowance for Uncollectible Accounts No. Date Debit Credit Balance Jan 01 6,000 Inventory Debit Credit No. Date Jan 01 Balance 21,800 Land Debit Equipment | Debit Credit No. Credit No. Date Jan 01 Balance 64,000 Date Jan 01 Balance 24,000 Accumulated Depreciation Date Debit Credit Jan 01 | Accounts Payable Debit Credit No. | No. Balance 3,300 Date Jan 01 Balance 30,300 Common Stock Debit Credit No. | Notes Payable Date Debit Credit Jan 01 | Balance 68,000 No. | Date Jan 01 Balance 53,000 Retained Earnings Debit Credit No. Date Balance 25,900 General General Trial Income Balance Require... Journal Ledger Balance Statem... Sheet Prepare an income statement for the period ended January 31, Year 1. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Show less Unadjust Income Statement For the year ended January 31, Year 1 Gross profit Total operating expenses Operating income General General Trial Income Balance Require... Journal | Ledger Balance Statem... Sheet Prepare a classified balance sheet as of January 31, Year 1. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Show less Unadjusti Dates: Jan 01 to: Jan 31 Classified Balance Sheet January 31, Year 1 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Noncurrent Assets: Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets