On January 1, 2021, the general ledger of Tripley Company Included the following account balances: Credit Debit $ 82,00 42,00 $ 7,200 30, 200 80,200 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 12,00 284, eee 30, eee 48, mee 102,00 239,209 $438,400 $438.GAR The $30,200 beginning balance of Inventory consists of 302 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $22,680 to an employee by accepting a 6% note due in six months. 5 Purchased 3,680 units of inventory on account for $396,080 ($119 each) with terms 1/10, n/30. 8 Returned 180 defective units of inventory purchased on January 5. 15 Sold 3,400 units of inventory on account for $455,680 ($134 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 $36,200 from 2020 plus amount receivable on sale of 2,800 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 3,200 units on January 5. 28 Paid cash for salaries during January, $30,000. 29 Paid cash for utilities during January, $12,080. 30 Paid dividends, $3,200. 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 $5,200. e. Depreciation on the building, $2,200. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-13) assuming a perpetual FIFO inventory system. Purchases and sales of inventory are recorded using the gross method for cash discounts. Review the General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31 in the 'General Journal' tab (these are shown as items 14-18). 3. Review the adjusted 'Trial Balance' as of January 31, 2021, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021, in the 'Balance Sheet' tab. 6. Record closing entries in the 'General Journal' tab (these are shown as items 19-20). 7. Using the information from the requirements above, complete the 'Analysis' tab.
