Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 13) assuming a FIFO perpetual inventory system. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as items 14-18). Record the closing entries in the 'General Journal' tab (these are shown as items 19 and 20). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

19. Record the Closing entry for temporary credit accounts.

20. Record the Closing entry for temporary debit accounts (expense, contra-revenue, dividends).

Prepare a multiple-step income statement for the period ended January 31,2021 . (Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. For any "Other" revenue/expense, enter the revenue amount first; check that the sign, +/, is correct.) The $50,000 beginning balance of inventory consists of 625 units, each costing $80. During January 2021, the following transactions occurred: January 2 Received a $40,0006-month, 6% note on a loan Boomer made to Cowboys, Inc. January 5 Purchased 5,600 units of inventory on account for $504,000 ( $90 each) with terms 1/10,n/30. January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 5,400 units of inventory on account for $594,000 ( $110 each) with terms 2/10,n/30. Record 2 entries for this transaction. January 17 Customers returned 100 units sold on January 15. These units were originally purchased by Boomer on January 5. The units were placed in inventory to be sold in the future. Record 2 entries for this transaction. January 20 Received cash from customers on accounts receivable. This amount includes $56,000 from 2020 plus amount receivable on sale of 4,900 units sold on January 15. January 21 Wrote off remaining accounts receivable from 2020. January 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 5,200 units on January 5 . January 28 Paid cash for salaries during January, $48,000. January 29 Paid cash for utilities during January, $30,000. January 30 Paid dividends, $9,000. The following information is available on January 31, 2021 for adjusting entries at the end of the month. a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected. b. Accrued interest on notes receivable for January. c. Accrued interest on notes payable for January. d. Accrued income taxes at the end of January for $7,000. e. Depreciation on the building, $4,000. The $50,000 beginning balance of inventory consists of 625 units, each costing $80. During January 2021, the following transactions occurred: January 2 Received a $40,0006-month, 6% note on a loan Boomer made to Cowboys, Inc. January 5 Purchased 5,600 units of inventory on account for $504,000 ( $90 each) with terms 1/10, n/30. January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 5,400 units of inventory on account for $594,000 ( $110 each) with terms 2/10, n/30. Record 2 entries for this transaction. January 17 Customers returned 100 units sold on January 15. These units were originally purchased by Boomer on January 5 . The units were placed in inventory to be sold in the future. Record 2 entries for this transaction. January 20 Received cash from customers on accounts receivable. This amount includes $56,000 from 2020 plus amount receivable on sale of 4,900 units sold on January 15 . January 21 Wrote off remaining accounts receivable from 2020. January 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 5,200 units on January 5 . Prepare a classified balance sheet as of January 31, 2021. (Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance.) 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 13) assuming a FIFO perpetual inventory system. The gross method is used for recording discounts on purchases and sales of inventory. Review the unadjusted Trial Balance in the 'Trial Balance' tab to confirm that debits equal credits and that ending account 2. balances are shown correctly as debits or credits. The year on the Trial Balance tab is incorrectly shown as 2018 instead of 2021. 3. Record adjusting entries on January 31 in the 'General Journal' tab (these are shown as items 14-18). Review the Adjusted Trial Balance as of January 31, 2021, in the 'Trial Balance' tab to confirm that debits equal credits 4. and that ending account balances are shown correctly as debits or credits. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income Statement' tab. Select 5. "Adjusted Trial Balance" at the top left. You may not use every line on the income statement. Enter "Net income" as the title for the last line. Prepare a classified balance sheet as of January 31, 2021, in the 'Balance Sheet' tab. Select "Adjusted Trial Balance" at 6. the top left. Show any NONCURRENT liabilities on the line below the Current section. Record the closing entries in the 'General Journal' tab (these are shown as items 19 and 20). In the second closing entry, 7. close all temporary accounts with debit balances (expenses, contra-revenues, dividends). 8. Review the Post-closing Trial Balance as of January 31, 2021, in the 'Trial Balance' tab to confirm that only permanent account balances are included; temporary accounts should be closed