On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Debit $ 59, 600 26,800 $ 3,100 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (50, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,200 22,800 164,000 15,700 229,000 62.600 $310,400 $310,400 During January Year 1, the following transactions occur January 1 Purchase equipment for $20,400. The company estimates a residual value of $2,400 and a four-year service life. January 4 Pay cash on accounts payable, $10,400. January 8 Purchase additional inventory on account, $91,900. January 15 Receive cash on accounts receivable, $22,900. January 19 Pay cash for salaries, $30,700. January 28 Pay canh for January utilities, $17,400. January 30 Sales for January total $229,000. All of these sales are on account. The cost of the units sold is January 30 Sales for January total $229,000. All of these sales are on account. The cost of the units sold in $119,500. 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 $3,900 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 $33,500. e. Accrued income taxes at the end of January are $9,900, 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the fir account field.) View transaction llat View Journal entry worksheet ... No General Journal Debit Credit Date January 31 1 Sales Revenue Interest Revenue 229,000 95 2 January 31 Retained Earnings Utilities Expense Depreciation Expense Bad Debt Expense Income Tax Expense Salaries Expense 17,400 375 5,720 9,900