On January 1, 2022, the general ledger of Boomer Company includes the following account balances Accounts Debit Credit Cash $ 27,000 Accounts Receivable 50,000 Allowance for Uncollectible Accounts $ 6,100 Inventory 21,900 Land 65,000 Equipment 24,500 Accumulated Depreciation 3,400 Accounts Payable 30,400 Notes Payable (6 , due April 1, Year 2) 69,000 Common Stock 54,000 Retained Earnings 25,500 Totals $ 188,400 $ 188,400 During January, 2022, the following transactions occur January 2 Sold gift cards totaling $11,800 The cards are redeemable for merchandise within one year of the purchase date January 6 Purchased additional inventory on account, $166,000 January 15 Recorded sales for the first half of the month of $154,000 All of these sales are on account The cost of the units sold is $83,300 January 23 Received $127,300 from customers on accounts receivable January 25 Paid $109,000 to inventory suppliers on accounts payable January 28 Wrote off accounts receivable as uncollectible, $6,700 (Hint see an example of this entry on p 58 of the notes ) January 30 Recorded sales for the second half of the month of $162,000 $10,000 of the sales were made for cash and $152,000 were on account The cost of the units sold is $89,000 (Hint entry will have 2 debits and 1 credit ) January 31 Paid cash for monthly salaries, $53,900 The following information is available on January 31 Depreciation on the equipment for the month of January is calculated using the straight line method At the time the equipment was purchased, the company estimated a residual value of $5,300 and a two year service life The company estimated future uncollectible accounts and recorded Bad Debt Expense The company determined $30,000 of accounts receivable on January 31 were past due, and 30 of these accounts are estimated to be uncollectible The remaining accounts receivable on January 31 are not past due, and 5 of these accounts are estimated to be uncollectible Hint Make an aging schedule using the ending balance in Accounts Receivable (from the general ledger) like we did on p 60 of the Ch 5 notes to determine the total estimated uncollectible accounts Record an adjusting entry for the difference between the 1) total estimated uncollectible accounts and 2) current balance in the Allowance account (from the general ledger) Accrued interest expense on notes payable for January Accrued income taxes at the end of January are $14,900 By the end of January, $4,900 of the gift cards sold on January 2 were redeemed (ignore cost of goods sold) Create a General Ledger including adjusted trial balances to close the expense and revenue account Create a post closing trial balance Create an Income Statement and Balance Sheet

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On January 1, 2022, the general ledger of Boomer Company includes the following account balances: Accounts Debit Credit Cash $ 27,000 Accounts Receivable 50,000 Allowance

On January 1, 2022, the general ledger of Boomer Company includes the following account balances:

Accounts	Debit		Credit
Cash	$	27,000
Accounts Receivable		50,000
Allowance for Uncollectible Accounts			$	6,100
Inventory		21,900
Land		65,000
Equipment		24,500
Accumulated Depreciation				3,400
Accounts Payable				30,400
Notes Payable (6%, due April 1, Year 2)				69,000
Common Stock				54,000
Retained Earnings				25,500
Totals	$	188,400	$	188,400

During January, 2022, the following transactions occur:

January	2	Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the purchase date.
January	6	Purchased additional inventory on account, $166,000.
January	15	Recorded sales for the first half of the month of $154,000. All of these sales are on account. The cost of the units sold is $83,300.
January	23	Received $127,300 from customers on accounts receivable.
January	25	Paid $109,000 to inventory suppliers on accounts payable.
January	28	Wrote off accounts receivable as uncollectible, $6,700. (Hint: see an example of this entry on p. 58 of the notes.)
January	30	Recorded sales for the second half of the month of $162,000. $10,000 of the sales were made for cash and $152,000 were on account. The cost of the units sold is $89,000. (Hint: entry will have 2 debits and 1 credit.)
January	31	Paid cash for monthly salaries, $53,900.

The following information is available on January 31.

Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $5,300 and a two-year service life.
The company estimated future uncollectible accounts and recorded Bad Debt Expense. The company determined $30,000 of accounts receivable on January 31 were past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. [Hint: Make an aging schedule using the ending balance in Accounts Receivable (from the general ledger) like we did on p. 60 of the Ch 5 notes to determine the total estimated uncollectible accounts. Record an adjusting entry for the difference between the 1) total estimated uncollectible accounts and 2) current balance in the Allowance account (from the general ledger).]
Accrued interest expense on notes payable for January.
Accrued income taxes at the end of January are $14,900.
By the end of January, $4,900 of the gift cards sold on January 2 were redeemed (ignore cost of goods sold).

Create a General Ledger including adjusted trial balances to close the expense and revenue account. Create a post-closing trial balance. Create an Income Statement and Balance Sheet.