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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 $ 18,620 Accounts Receivable 9,650 Allowance for Doubtful Accounts 900* Inventory 2,800 Deferred Revenue (30 units) 4,350 Accounts Payable 1,300 Notes Payable (long-term) 15,000 Common Stock 5,000 Retained Earnings 4,520 * credit balance. The following information is relevant to the first month of operations in the following year: OTP will sell inventory at $145 per unit. OTP's January 1 inventory balance consists of 35 units at a total cost of $2,800. OTP's policy is to use the FIFO method, recorded using a perpetual inventory system. In December, OTP received a $4,350 payment for 30 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 notes payable mature in three years, and accrue interest at a 10% annual rate. January Transactions a. Included in OTP's January 1 Accounts Receivable balance is a $1,500 balance due from Jeff Letrotski. Jeff is having cash flow problems and cannot pay the $1,500 balance at this time. On 01/01, OTP arranges with Jeff to convert the $1,500 balance to a six- month note, at 12% 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 $500 insurance premium on 01/02, covering the month of January; the payment is recorded directly as an expense. C. OTP purchased an additional 150 units of inventory from a supplier on account on 01/05 at a total cost of $9,000, with terms n/30. d. OTP paid a courier $300 cash on 01/05 for same-day delivery of the 150 units of inventory. e. The 30 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 $1,350 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 40 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 $2,200. j. Wrote off a $1,000 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 $400 cash on 01/26 from the customer whose account had previously been written off on 01/18. m. An unrecorded $400 utility bill for January arrived on 01/27. It is due on 02/15 and will be paid then. n. Sales of 65 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, 15 units are returned to OTP on 01/30. The inventory is not damaged and can be resold. OTP charges sales returns to a contra-revenue account. p. On 01/31, OTP records the $2,200 employee salary that is owed but will be paid February 1. 9. 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 8% 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 notes payable on 01/31. S. Accrue interest for January on Jeff Letrotski's note on 01/31 (see a). General Ledger Account Cash Debit Accounts Receivable Debit Credit Credit 1,500 No. Date December 31 2 January 02 4 January 05 7 January 07 10 January 10 11 January 14 500 300 8,820 Balance 18,620 18,120 17,820 9,000 14,684 12,484 No. Date December 31 1 January 01 8 January 07 10 January 10 12 January 16 Balance 9,650 8,150 13,950 8,150 7,150 5,800 5,800 1,000 5,684 2,200 Inventory Debit Credit Allowance for Doubtful Accounts No. Date Debit Credit December 31 12 January 16 1,000 Balance 900 (100) 9,000 tttt No. Date December 31 3 January 05 6 January 06 7 January 07 9 January 10 Balance 2,800 11,800 9,400 9,220 6,692 2,400 180 2,528 Prepaid Insurance Debit Credit Notes Receivable (long-term) Debit Credit No. Date No. Date Balance 0 500 Balance 0 1,500 2 January 02 500 1 January 01 1,500 Accounts Payable Debit Credit Deferred Revenue Debit Credit Balance 4,350 No. Date December 31 3 January 05 7 January 07 No. Date December 31 5 January 06 Balance 1,300 10,300 1,300 tt 9,000 4,350 0 9,000 Common Stock Debit Credit No. Notes Payable (long-term) Date Debit Credit December 31 No. Balance 15,000 Date December 31 Balance 5,000 Sales Revenue Retained Earnings Debit Credit No. Debit Credit Balance Date December 31 Balance 4,520 0 + t t No. Date December 31 5 January 06 8 January 07 10 January 10 4,350 5,800 116 4,350 10,150 10,266 Cost of Goods Sold Debit Credit Delivery Expense Debit Credit No. Date Balance 0 No. Date December 31 6 January 06 9 January 10 Balance 0 2,400 4,928 4 January 05 300 300 2,400 2,528 t No. Salaries and Wages Expense Date Debit Credit December 31 11 January 14 2,200 Balance 0 2,200 General Journal Trial Balance > Use the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted or adjusted post- closing balances will appear for each account, based on your selection. Adjusted ONE TRICK PONY Balance Sheet At December 31 Assets Current Assets $ $ 0 0 0 0 0 0 Total Assets $ 0 Liabilities Current Liabilities 0 0 0 Total Current Liabilities 0 0 Total Liabilities $ 0 Stockholders' Equity 0 0 0 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ 0