On January 1, 2021, the general ledger of Tripley Company included the following account balances: Debit Credit Accounts Cash $310,000 Accounts receivable 80,000 Allowance for uncollectible accounts. $ 41,000 Inventory 34,000 Building 274,000 Accumulated depreciation 50,000 Land 260,600 Accounts payable 220,000 Notes payable (8%, due in 3 years) 276,000 Common stock 128,600 Retained earnings Totals 243,000 $958,600 $958,600 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $60,000 to an employee by accepting a 6 note due in six months. 5 Purchased 5,500 units of inventory on account for $605,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 5,300 units of inventory on account for $901,000 ($170 each) with terms 2/10, n/30. 17 Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future. 20 Received cash from customers on accounts receivable. This amount includes $40,000 from 2020 plus amount receivable on sale of 4,700 units sold on January 15. 21 Wrote off remaining accounts receivable from 2020. 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount oved from purchase of 5,100 units on January 5. 28 Paid cash for salaries during January, $68,000. 29 Paid cash for utilities during January, $50,000. 30 Paid dividends, $7,000.