Sandhill Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit and credit balances. General Ledger Account Number Account Title January 1 Opening Balance 101 Cash $31,770 112 Accounts Receivable 12,610 115 Notes Receivable 40,740 120 Inventory 19.400 125 Supplies 970 130 Prepaid Insurance 1,940 157 Equipment 6,260 158 Accumulated Depreciation-Equip. 1,460 201 Accounts Payable 33,950 311 Common Stock 67,900 320 Retained Earnings 10.380