On January 1 Year 1, the general ledger of a company includes the following account balances Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land recounts Payable Notes Payable (81, due in 3 years) Common Stock Retained Earnings wotals Debit Credit $ 24,300 42,500 $ 2,700 42,000 79,600 29,200 42,000 68,000 46,500 $188, 400 The $42.000 beginning balance of inventory consists of 420 units, each costing $100. During January Year 1 the company had the following inventory transactions: January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1, 150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defecto. January 19 Sell 3.600 units on account for $576,000. The cost of the unite sold is determined using a TITO perpetual inventory system. January 22 Receive $529,000 from customers on accounts receivable. January 24 Pay $ 359,000 to inventory suppliers on accounts payable. January 27 Write of accounts receivable an uncollectible, $2,100. January 31 Pay cash for salaries during January $110,000. The following information is available on January 31, Year 1. a. At the end of January, the company estimates that the remaining units of Inventory are expected to sell in February for only $100 each. b. The company estimates future uncollectible accounts. The company determines $5.200 of accounts receivable on January 31 are 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. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) C. Accrued Interest expense on notes payable for January. Interest is expected to be paid each December d. Accrued Income taxes at the end of January are $13,500. Exercise 6-21B Part 6 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits General Journal Debit Credit Date January 31