On January 1, Year 1, the general ledger of a company includes the following account balances:

Accounts	Debit				Credit
Cash	$	60,400
Accounts Receivable		28,400
Allowance for Uncollectible Accounts					$	3,900
Inventory		38,000
Notes Receivable (5%, due in 2 years)		32,400
Land		172,000
Accounts Payable						16,500
Common Stock						237,000
Retained Earnings						73,800
Totals	$	331,200			$	331,200

During January Year 1, the following transactions occur:

January		1		Purchase equipment for $21,200. The company estimates a residual value of $3,200 and a four-year service life.
January		4		Pay cash on accounts payable, $11,200.
January		8		Purchase additional inventory on account, $99,900.
January		15		Receive cash on accounts receivable, $23,700.
January		19		Pay cash for salaries, $31,500.
January		28		Pay cash for January utilities, $18,200.
January		30		Sales for January total $237,000. All of these sales are on account. The cost of the units sold is $123,500.

Information for adjusting entries:

1. Depreciation on the equipment for the month of January is calculated using the straight-line method.
2. The company estimates future uncollectible accounts. The company determines $4,700 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.)
3. Accrued interest revenue on notes receivable for January.
4. Unpaid salaries at the end of January are $34,300.
5. Accrued income taxes at the end of January are $10,700.
6. 

Answer is not complete. Balance Sheet January 31, Year 1 Assets Liabilities Cash Accounts Receivable Less: Allowance Inventory Interest Receivable $ 2,000 241,700 (9,460) 14.400 135 Accounts Payable Income Tax Payable Salaries Payable $ 105,200 10,700 34,300 150,200 Total Current Assets Land Equipment Notes Receivable 248,775 172,000 21,200 32.400 Total Current Liabilities Stockholder's Equity Common Stock Retained Earnings 237,000 86,800 Total Assets Total Stockholders Equity Total Liabilities and Stockholders' Equity 474 375 323,800 $ 474000 Mc 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the account field.) Answer is not complete. No Date General Journal Debit Credit 1 January 31 Sales Revenue Interest Revenue Retained Earnings 237,000 135 237,135 2 January 31 86,800 Retained Earnings Depreciation Expense Salaries Expense Utilities Expense Cost of Goods Sold Income Tax Expense 375 65.800 18,200 123,500 10.700