On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Cash Debit $ 59,900 Credit Accounts Receivable 27,400 Allowance for Uncollectible Accounts $ 3,400 Inventory 37,500 Notes Receivable (5%, due in 2 years) 26,400 Land 167,000 Accounts Payable Common Stock Retained Earnings Totals 16,000 232,000 66,800 $318,200 $318,200 During January Year 1, the following transactions occur: January 1 Purchase equipment for $20,700. The company estimates a residual value of $2,700 and a six-year service life. January 4 Pay cash on accounts payable, $10,700. January 8 Purchase additional inventory on account, $94,900. January 15 Receive cash on accounts receivable, $23,200. January 19 Pay cash for salaries, $31,000. January 28 Pay cash for January utilities, $17,700. January 30 Sales for January total $232,000. All of these sales are on account. The cost of the units sold is $121,000. Information for adjusting entries: a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company estimates future uncollectible accounts. The company determines $4,200 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Information for adjusting entries a. Depreciation on the equipment for the month of January is calculated using the straight-line method, b. The company estimates future uncollectible accounts. The company determines $4,200 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) c. Accrued interest revenue on notes receivable for January. d. Unpaid salaries at the end of January are $33,800. e. Accrued income taxes at the end of January are $10,200. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event elect particular "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 Depreciation on the equipment for the month of January is calculated using: the straight-line method. Record the adjusting entry for depreciation