Required information The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances Credit Debit $ 59,100 25,800 $ 2,600 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (54, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 36,700 16,888 159,000 15,200 224,00 55,600 $297.400 $297,400 During January Year 1. the following transactions occur. January 1 Purchase equipment for $19,900. The company estimates a residual value of $1,900 and a five-year service life. January 4 Pay cash on accounts payable, 59,900. January 8 Purchase additional inventory on account, $86,900. January 15 Receive cash on accounts receivable, $22,488. January 19 Pay cash for salaries, $38,200. January 28 Pay cash for January utilities, $16.900. January 3 Sales for January total $224,890. All of these sales are on account. The cost of the units sold is $117,000. Information for adiustina entries: