On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $286,000 Accounts receivable 76,000 Allowance for uncollectible accounts $ 38,600 Inventory 33,600 Building 253,600 Accumulated depreciation 46,000 Land 252,600 Accounts payable 200,000 Notes payable (8%, due in 3 years) 252,000 Common stock Totals 122,600 Retained earnings 242,600 $901,800 $901,800 The $33,600 beginning balance of inventory consists of 336 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $56,000 to an employee by accepting a 6% note due in six months. 5 Purchased 5,300 units of inventory on account for $583,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 5,100 units of inventory on account for $846,600 ($166 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 $39,600 from 2020 plus amount receivable on sale of 4,500 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 owed from purchase of 4,900 units on January 5. 28 Paid cash for salaries during January, $64,000. 29 Paid cash for utilities during January, $46,000. 30 Paid dividends, $6,600.