On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Debit $ 60,300 28, 200 $ 3,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,900 31,200 171,00 16,400 236,000 72,400 $328,600 $328,600 During January Year 1. the following transactions occur January 1 Purchase equipment for $21,100. The company estimates a residual value of $3,100 and a five-year service life. January 4 Pay cash on accounts payable, $11,100, January 8 Purchase additional inventory on account, $98,900. January 15 Receive cash on accounts receivable, $23,600. January 19 Pay cash for salaries, $31,400. January 28 Pay cash for January utilities, $18, 120. January 30 Sales for January total $236,000. All of these sales are on account. The cost of the units sold is $123,000 Journal entry worksheet 1 2 3 4. 5 6 7 B 8 > Purchase equipment for $21,100, cash. The company estimates a residual value of $3,100 and a five-year service life. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry View general journal