Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Credit Debit $ 59,300 26,200 $ 2,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 36,900 19,200 161,000 15,400 226,000 58,400 $302,600 $302,600 During January 2021, the following transactions occur: January 1 Purchase equipment for $20,100. The company estimates a residual value of $2,100 and a four-year service life. January 4 Pay cash on accounts payable, $10,100. January 8 Purchase additional inventory on account, $ 88,900. January 15 Receive cash on accounts receivable, $22,600. January 19 Pay cash for salaries, $30, 400. January 28 Pay cash for January utilities, $17,100. January 30 Sales for January total $226,000. All of these sales are on account. The cost of the units sold is $118,000. Information for adjusting entries: a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company estimates future uncollectible accounts. The company determines $3,600 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Accrued interest revenue on notes receivable for January d. Unpaid salaries at the end of January are $33,200. e. Accrued income taxes at the end of January are $9,600. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select particular "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet