On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accumulated depreciation Land Accounts payable Notes payable (8%, due in 3 years) Common stock Retained earnings Totals Debit Credit $214,000 64,000 $ 31,400 32,400 192,400 34, eee 248,000 140, eee 180,000 124,000 241,400 $750,800 $750, 800 The $32,400 beginning balance of Inventory consists of 324 units, each costing $100. During January 2021, the company had the following transactions: The $32.400 beginning balance of inventory consists of 324 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $44,000 to an employee by accepting a 6% note due in six months. 5 Purchased 4,700 units of inventory on account for $517,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,500 units of inventory on account for $693,eee ($154 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 $38,400 from 2020 plus amount receivable on sale of 3,900 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 4,300 units on January 5. 28 Paid cash for salaries during January, $52,000. 29 Paid cash for utilities during January, $34,000. 30 Paid dividends, 55,400 Month end adjusting entries .. Of the remaining accounts receivable, the company estimates that 10% will not be collected b. Accrued interest revenue on notes receivable for January c. Accrued interest expense on notes payable for January d. Accrued Income taxes at the end of January for $7.400. e. Depreciation on the building. 54.400 Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 20 > Lent $14,000 to an employee by accepting a 6% note due in six months. Note: Enter debits before credits Date General Journal Debit Credit Jan 02 Record entry Clear entry View general journal General Ledger Account Cash Accounts receivable Date Debit Balance Debit Credit Date Jan 02 Balance 64 000 Jan 02 214,000 Allowance for uncollectible accounts Date Debit Credit Date Debit Credit Inventory Debit Balance Balance Date Credit Balance 2400 Jan 02 31.400 Land Buildings Debit No. Date Debit Credit Date Credit Balance Balance 248,000 Jan 02 192.400 Accumulated depreciation Debit Credit Accounts payable Debit Credit No. Date No. Balance Balance 34 000 Date Jan 02 140.000 Notes payable Common stock Date Debit Credit No Debit Credit Balance Date Jan 02 124 000 Retained earnings Debit Credit No Date Jan 02 equirement Ledger Thai Balance Journal balance sneet Statement Analysis lotice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option Hou choose will be the values used to populate the income statement and balance sheet tabs. nadjusted - Dates: Jan 02 to: Jan 30 Tripley Company Trial Balance January 30, 2021 Account Title Credit Cash Debit 214,000 64,000 Accounts receivable Allowance for uncollectible accounts 32.400 inventory und Buildings 248.000 192.400 Accumulated depreciation Accounts payable Notes payable Common stock Retained earings 34,000 140,000 180,000 124,000 241.400 750.800 Total $ 750.800 S Tripley Company Income Statement For the Year Ended January 31, 2021 Revenues Net sales revenues Gross profit Operating expenses Total operating expenses Operating income Other income (expenses) The Ulldujusieu, dujole, ou Cong Dates: Jan 02 - Unadjusted to: Jan 30 Tripley Company Balance Sheet January 31, 2021 Assets Liabilities Current Assots Current lubilities 0 Total current liabilities 0 Total abilities Total current assets Noncurrent Asus Stockholders' equity or 0 0 Total stockholders' equity Total liabilities and stockholders' equity S Using the information from the requirements above, complete the 'Analysis' tab. (Enter your inventory turnover ratio and gross profit ratio in 1 decimal place.) Unadjusted - Dates: Jan 02 to: Jan 30 Analyze how well 3D Family Fireworks manages its receivables (a) Calculate the inventory turnover ratio for the month of January. If industry average of the inventory turnover ratio for the month of January is 45 times, is the company selling its inventory more less quickly than other companies in the same industry? The inventory turnover ratio is times The company is managing its inventory more efficiently. (true or false) (b) Calculate the gross profit ratio for the month of January. If the industry average gross proftratio is 45%, is the company more or less profitable por doll of sales than other companies in the same industry? The gross profit aliis The company is more profitable than other companies (c) Used together what might the inventory turnover ratio and gross profit ratio suo est about the company's business Strategy? Is the company's strategy to sell a higher volume of less expensive items or does the company appear to be selling a lower volume of more expensive tems? The company's business Strategy appears to be selling