Please fix all areas with an x and complete the tables. Thank you.

One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31: Cash Accounts Receivable Allowance for Doubtful Accounts Inventories Deferred Revenue (40 units) Accounts Payable Note Payable (long-term) Common Stock Retained Earnings $ 45, 920 12,910 360* 3,500 4,800 1,700 36,000 15,400 4,070 * credit balance. The following information is relevant to the first month of operations in the following year: OTP will sell inventory at $120 per unit. OTP's January 1 inventory balance consists of 50 units at a total cost of $3,500. OTP's policy is to use the FIFO method, recorded using a perpetual inventory system. In December, OTP received a $4,800 payment for 40 units OTP is to deliver in January; this obligation was recorded in Deferred Revenue. Rent of $1,300 was unpaid and recorded in Accounts Payable at December 31. OTP's note payable matures in three years, and accrues interest at a 10% annual rate. January Transactions a. Included in OTP's January 1 Accounts Receivable balance is a $3,600 balance due from Jeff Letrotski. Jeff is having cash flow problems and cannot pay the $3,600 balance at this time. On 01/01, OTP arranges with Jeff to convert the $3,600 balance to a six- month note, at 10% annual interest. Jeff signs the promissory note, which indicates the principal and all interest will be due and payable to OTP on July 1 of this year. b. OTP paid a $220 insurance premium on 01/02, covering the month of January; the payment is recorded directly as an expense. C. OTP purchased an additional 200 units of inventory from a supplier on account on 01/05 at a total cost of $8,000, with terms n/30. d. OTP paid a courier $400 cash on 01/05 for same-day delivery of the 200 units of inventory. e. The 40 units that OTP's customer paid for in advance in December are delivered to the customer on 01/06. f. On 01/07, OTP received a purchase allowance of $1,200 on account, and then paid the amount necessary to settle the balance owed to the supplier for the 1/05 purchase of inventory (in c). g. Sales of 60 units of inventory occurring during the period of 01/0701/10 are recorded on 01/10. The sales terms are n/30. h. Collected payments on 01/14 from sales to customers recorded on 01/10. i. OTP paid the first 2 weeks' wages to the employees on 01/16. The total paid is $4,590. j. Wrote off a $990 customer's account balance on 01/18. OTP uses the allowance method, not the direct write-off method. k. Paid $2,600 on 01/19 for December and January rent. See the earlier bullets regarding the December portion. The January portion will expire soon, so it is charged directly to expense. 1. OTP recovered $580 cash on 01/26 from the customer whose account had previously been written off on 01/18. m. An unrecorded $130 utility bill for January arrived on 01/27. It is due on 02/15 and will be paid then. n. Sales of 70 units of inventory during the period of 01/10-01/28, with terms n/30, are recorded on 01/28. o. Of the sales recorded on 01/28, 10 units are returned to OTP on 01/30. The inventory is not damaged and can be resold. OTP charges sales returns directly against Sales Revenue. p. On 01/31, OTP records the $4,590 employee salary that is owed but will be paid February 1. q. OTP uses the aging method to estimate and adjust for uncollectible accounts on 01/31. All of OTP's accounts receivable fall into a single aging category, for which 10% is estimated to be uncollectible. (Update the balances of both relevant accounts prior to determining the appropriate adjustment.) r. Accrue interest for January on the note payable on 01/31. s. Accrue interest for January on Jeff Letrotski's note on 01/31 (see a). Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis Prepare all January journal entries and adjusting entries for items (a)-(s). Review the 'General Ledger' and the adjusted 'Trial Balance' Tabs to see the effect of the transactions on the account balances. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 Jan 01 Notes Receivable (long-term) 3,600 Accounts Receivable 3,600 2 Jan 02 220 Insurance Expense Cash 220 3 Jan 05 8,000 Inventory Accounts Payable OO 8,000 4 Jan 05 400 Inventory Cash 400 5 Jan 06 Deferred Revenue 4,800 Sales Revenue 4,800 6 Jan 06 Cost of Goods Sold 2,800 Inventory 2,800 7 Jan 07 1,200 Accounts Payable Allowance for Doubtful Accounts 1,200 8 Jan 07 Accounts Receivable 7,200 8 Jan 07 7,200 Accounts Receivable Sales Revenue XIX 7,200 9 Jan 10 Accounts Receivable 2,700 X Inventory 2,700 X 10 Jan 10 Cost of Goods Sold 2,700 Inventory 2,700 11 Jan 14 Cash 7,200 Accounts Receivable 7,200 12 Jan 16 4,590 Salaries and Wages Expense Accounts Receivable 4,590 13 Jan 18 Allowance for Doubtful Accounts 990 Accounts Receivable 990 14 Jan 19 1,300 Accounts Payable Rent Expense 1,300 Cash 2,600 15 Jan 26 580 Accounts Receivable Allowance for Doubtful Accounts 580 16 Jan 26 Cash 580 Accounts Receivable 580 17 Jan 27 130 Utilities Expense Accounts Payable 130 18 Jan 28 8,400 Accounts Receivable Sales Revenue 8,400 19 Jan 28 Cost of Goods Sold 2,800 x Inventory 2,800 20 Jan 30 Sales Revenue 1,200 Accounts Receivable 1,200 21 Jan 30 400 Inventory Cost of Goods Sold 400 22 Jan 31 4,590 Salaries and Wages Expense Salaries and Wages Payable 4,590 23 Jan 31 1,602 Bad Debt Expense Allowance for Doubtful Accounts 1,602 24 Jan 31 300 Interest Expense Interest Payable 300 X Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or loss for the period. Adjusted ONE TRICK PONY Income Statement For the Month Ended January 31 Sales Revenue 19,200 2,752 Allowance for Doubtful Accounts Gross Profit $ Cost of Goods Sold 16,448 7,900 0 9,180 1,602 220 Salaries and Wages Expense Bad Debt Expense Insurance Expense Rent Expense Income from Operations Interest Revenue (Expense), net Net Income 1,300 $ (3,754) 270 $ (4,024) Trial Balance Statement of Retained Earnings> Adjusted ONE TRICK PONY Balance Sheet At December 31 Assets Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts 50,480 13,630 (2,752) 1,300 3,600 Inventory Notes Receivable (long-term) Interest Receivable O ] 30 Total Assets $ 66,288 Liabilities 7,330 36,000 300 Current Liabilities Accounts Payable Notes Payable (long-term) Interest Payable Total Current Liabilities Retained Earnings Total Liabilities Stockholders' Equity Retained Earnings 43,630 4,070 T $ 47,700 46 0 $ 46 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 47,746 One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31: Cash Accounts Receivable Allowance for Doubtful Accounts Inventories Deferred Revenue (40 units) Accounts Payable Note Payable (long-term) Common Stock Retained Earnings $ 45, 920 12,910 360* 3,500 4,800 1,700 36,000 15,400 4,070 * credit balance. The following information is relevant to the first month of operations in the following year: OTP will sell inventory at $120 per unit. OTP's January 1 inventory balance consists of 50 units at a total cost of $3,500. OTP's policy is to use the FIFO method, recorded using a perpetual inventory system. In December, OTP received a $4,800 payment for 40 units OTP is to deliver in January; this obligation was recorded in Deferred Revenue. Rent of $1,300 was unpaid and recorded in Accounts Payable at December 31. OTP's note payable matures in three years, and accrues interest at a 10% annual rate. January Transactions a. Included in OTP's January 1 Accounts Receivable balance is a $3,600 balance due from Jeff Letrotski. Jeff is having cash flow problems and cannot pay the $3,600 balance at this time. On 01/01, OTP arranges with Jeff to convert the $3,600 balance to a six- month note, at 10% annual interest. Jeff signs the promissory note, which indicates the principal and all interest will be due and payable to OTP on July 1 of this year. b. OTP paid a $220 insurance premium on 01/02, covering the month of January; the payment is recorded directly as an expense. C. OTP purchased an additional 200 units of inventory from a supplier on account on 01/05 at a total cost of $8,000, with terms n/30. d. OTP paid a courier $400 cash on 01/05 for same-day delivery of the 200 units of inventory. e. The 40 units that OTP's customer paid for in advance in December are delivered to the customer on 01/06. f. On 01/07, OTP received a purchase allowance of $1,200 on account, and then paid the amount necessary to settle the balance owed to the supplier for the 1/05 purchase of inventory (in c). g. Sales of 60 units of inventory occurring during the period of 01/0701/10 are recorded on 01/10. The sales terms are n/30. h. Collected payments on 01/14 from sales to customers recorded on 01/10. i. OTP paid the first 2 weeks' wages to the employees on 01/16. The total paid is $4,590. j. Wrote off a $990 customer's account balance on 01/18. OTP uses the allowance method, not the direct write-off method. k. Paid $2,600 on 01/19 for December and January rent. See the earlier bullets regarding the December portion. The January portion will expire soon, so it is charged directly to expense. 1. OTP recovered $580 cash on 01/26 from the customer whose account had previously been written off on 01/18. m. An unrecorded $130 utility bill for January arrived on 01/27. It is due on 02/15 and will be paid then. n. Sales of 70 units of inventory during the period of 01/10-01/28, with terms n/30, are recorded on 01/28. o. Of the sales recorded on 01/28, 10 units are returned to OTP on 01/30. The inventory is not damaged and can be resold. OTP charges sales returns directly against Sales Revenue. p. On 01/31, OTP records the $4,590 employee salary that is owed but will be paid February 1. q. OTP uses the aging method to estimate and adjust for uncollectible accounts on 01/31. All of OTP's accounts receivable fall into a single aging category, for which 10% is estimated to be uncollectible. (Update the balances of both relevant accounts prior to determining the appropriate adjustment.) r. Accrue interest for January on the note payable on 01/31. s. Accrue interest for January on Jeff Letrotski's note on 01/31 (see a). Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis Prepare all January journal entries and adjusting entries for items (a)-(s). Review the 'General Ledger' and the adjusted 'Trial Balance' Tabs to see the effect of the transactions on the account balances. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 Jan 01 Notes Receivable (long-term) 3,600 Accounts Receivable 3,600 2 Jan 02 220 Insurance Expense Cash 220 3 Jan 05 8,000 Inventory Accounts Payable OO 8,000 4 Jan 05 400 Inventory Cash 400 5 Jan 06 Deferred Revenue 4,800 Sales Revenue 4,800 6 Jan 06 Cost of Goods Sold 2,800 Inventory 2,800 7 Jan 07 1,200 Accounts Payable Allowance for Doubtful Accounts 1,200 8 Jan 07 Accounts Receivable 7,200 8 Jan 07 7,200 Accounts Receivable Sales Revenue XIX 7,200 9 Jan 10 Accounts Receivable 2,700 X Inventory 2,700 X 10 Jan 10 Cost of Goods Sold 2,700 Inventory 2,700 11 Jan 14 Cash 7,200 Accounts Receivable 7,200 12 Jan 16 4,590 Salaries and Wages Expense Accounts Receivable 4,590 13 Jan 18 Allowance for Doubtful Accounts 990 Accounts Receivable 990 14 Jan 19 1,300 Accounts Payable Rent Expense 1,300 Cash 2,600 15 Jan 26 580 Accounts Receivable Allowance for Doubtful Accounts 580 16 Jan 26 Cash 580 Accounts Receivable 580 17 Jan 27 130 Utilities Expense Accounts Payable 130 18 Jan 28 8,400 Accounts Receivable Sales Revenue 8,400 19 Jan 28 Cost of Goods Sold 2,800 x Inventory 2,800 20 Jan 30 Sales Revenue 1,200 Accounts Receivable 1,200 21 Jan 30 400 Inventory Cost of Goods Sold 400 22 Jan 31 4,590 Salaries and Wages Expense Salaries and Wages Payable 4,590 23 Jan 31 1,602 Bad Debt Expense Allowance for Doubtful Accounts 1,602 24 Jan 31 300 Interest Expense Interest Payable 300 X Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or loss for the period. Adjusted ONE TRICK PONY Income Statement For the Month Ended January 31 Sales Revenue 19,200 2,752 Allowance for Doubtful Accounts Gross Profit $ Cost of Goods Sold 16,448 7,900 0 9,180 1,602 220 Salaries and Wages Expense Bad Debt Expense Insurance Expense Rent Expense Income from Operations Interest Revenue (Expense), net Net Income 1,300 $ (3,754) 270 $ (4,024) Trial Balance Statement of Retained Earnings> Adjusted ONE TRICK PONY Balance Sheet At December 31 Assets Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts 50,480 13,630 (2,752) 1,300 3,600 Inventory Notes Receivable (long-term) Interest Receivable O ] 30 Total Assets $ 66,288 Liabilities 7,330 36,000 300 Current Liabilities Accounts Payable Notes Payable (long-term) Interest Payable Total Current Liabilities Retained Earnings Total Liabilities Stockholders' Equity Retained Earnings 43,630 4,070 T $ 47,700 46 0 $ 46 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 47,746