On January 1, 2021, the general ledger of Tripley Company included the following account balances: The $33,800 beginning balance of inventory consists of 338 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $58,600 to an enployee by accepting a 64 note due in 51x months. 5 Purchased 5,400 units of inventory on account for $594,000 ( $110 each) with terms 1/10,n/30. 8 Returned 100 defective units of inventory purchased on January 5 . 15 Sold 5,200 units of inventory on account for $873,600 (\$168 each) with terms 2/10, n/30. 17 customers returned 200 units spld 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 $39,800 from 2020 plus anount. receivable on sale of 4,600 units sold on January 15 . 21 Wrote renaining accounts receivable from 2020. 24 Paid on accounts payable. The anount includes the amount owed at the beginning of the period plus the anount owed from purchase of 5,000 units on January 5 . 28 Paid cash for sataries during January, 566,080. 29 Paid cash for utilities during January, $48,000. 30 Paid dividends, $6,806. Month-end adjusting entries: a. 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 $8,800. e. Depreciation on the buliding, $5,800. Journal entry worksheet 1 2 8 20 Sold 5,200 units of inventory on account for $873,600 ( $168 each) with terms 2/10,n/30. Record the cost of goods sold. Note: Enter debits before credits. 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. Record the cost of the items returned. Note: Enter debits before credits. Wrote off remaining accounts receivable from 2020. Note: Enter debits before credits. Of the remaining accounts receivable, the company estimates that 10% will not be collected. Record the adjusting entry for bad debts. Note: Enter debits before credits. Record the closing entry for temporary debit accounts. Note: Enter debits before credits. Post-closing Tripley Company Income Statement For the Year Ended January 31, 2021 Revenues: Balance Sheet * Red text indicates no response was exoected in a cell or a formula-based calculation is incorrect: no ooints deducted. Using the information from the requirements above, complete the 'Analysis' tab. (Enter your inventory turnover ratio profit ratio in 1 decimal place.)
