Question 4 of 4 - / 25 E Sunland Company's balance sheet at December 31, 2019. is presented below, 20,000 SUNLAND COMPANY Balance Sheet December 31, 2019 Inventory 9.000 Share Capital-ordinary Accounts receivable 21.800 Retained earnings Allowance for doubtful accounts (900) Accounts payable Cash 13.200 14.300 8.800 43.100 43.100 During January 2020, the following transactions occurred. Sunland uses the perpetual inventory method Jan. 1 Sunland accepted a 4-month, 8% note from Merando Company in payment of Merando's 3,600 account 3 Sunland wrote off as uncollectible the accounts of Inwood Corporation ( 300) and Goza Company E300). 25 = 93,100 193,00 During January 2020, the following transactions occurred, Sunland uses the perpetual inventory method. Jan. 1 3 8 11 Sunland accepted a 4-month, 8% note from Merando Comparty in payment of Merando's 3,600 account. Sunland wrote off as uncollectible the accounts of Inwood Corporation (E 300) and Gota Company ( 300). Sunland purchased E 18,600 of inventory on account. Sunland sold for 25,900 on account inventory that cost 17.300. Sunland sold inventory that cost 800 to Mark Lauber for 1.200. Lauber charged this amount on his Visa First Bank card The service fee charged Sunland by First Bank is 3% Sunland collected E 22.200 from customers on account. Sunland paid 17.000 on accounts payable. 15 17 21 24 27 Sunland received payment in full ( 300) from Goza Company on the account written off on January 3. Sunland purchased supplies for E 1.500 cash. Sunland paid other operating expenses, 3,400. 31 - Adjustment data: 1 2. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2020, accounts receivable. A count of supplies on January 31, 2020, reveals that 600 remains unused, 3 (a) Prepare journal entries for the transactions listed above and adjusting entries. (Include entries for cost of goods sold using the perpetual system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credi