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

accounts	debits	credits
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 earning		25,500
TOTALS	188,400	188,400

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.

1. 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.
2. 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.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).]
3. Accrued interest expense on notes payable for January.
4. Accrued income taxes at the end of January are $14,900. Prepare the adjusting entry for income tax.
5. By the end of January, $4,900 of the gift cards sold on January 2 were redeemed (ignore cost of goods sold). Prepare the adjusting entry for gift cards redeemed
6. Prepare the closing entry for revenue
7. prepare the closing entry for expenses