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Please answer the general ledger entries, income statement, balance sheet, and analysis part only THANK YOU!! The $31,600 beginning balance of inventory consists of 316
Please answer the general ledger entries, income statement, balance sheet, and analysis part only
THANK YOU!!
The $31,600 beginning balance of inventory consists of 316 units, each costing $100. During January 2021 , the company had the following transactions: January 2 Lent $36,000 to an employee by accepting a 68 note due in six months. 5 Purchased 4,300 units of inventory on account for $473,000 ( $110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,100 units of inventory on account for $598,600 ( $146 each) with terms 2/10, n/30. 17 Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future. 20 Received cash from customers on accounts receivable. This amount includes $37,600 from 2020 plus amount receivable on sale of 3,500 units sold on January 15 . 21 Wrote off remaining accounts receivable from 2020. 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 3,900 units on January 5 . 28 Paid cash for salaries during January, $44,000. 29 Paid cash for utilities during January, $26,000. 30 Paid dividends, $4,600. Month-end adjusting entries: a. Of the remaining accounts receivable, the company estimates that 10% will not be collected. b. Accrued interest revenue on notes receivable for January. c. Accrued interest expense on notes payable for January. d. Accrued income taxes at the end of January for $6,600. e. Depreciation on the building, $3,600Step by Step Solution
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