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The $40,000 beginning balance of inventory consists of 400 units, each costing $100. During January 2024,89 Blast Ficeworks had the following invertory transactions: Jamary a
The $40,000 beginning balance of inventory consists of 400 units, each costing $100. During January 2024,89 Blast Ficeworks had the following invertory transactions: Jamary a Parehase 2,060 unita for $226,060 en account (\$11) ach). perpetual inventery systea. January 24 pay $650,000 to fnventery wapplifers an accoubt a payate. The following information is avalable on January 31,2024 a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint Determine the number of units remaining from Jartuary 12 ather subtracting the units returned on January 15 and the units assumed sold (FifO) on January 19] b. The company records an adjusting entry for $2.040 for estimased future uncolectible accounss. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31. d. The company accrues income taxes at the end of January of $13,300. b. The company records an adjusting entry for $2,040 for estimated future uncolectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be poid each December 31. d. The company accrues income taxes at the end of January of $13,300. 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select " Journal Entry Required" in the first account field.)
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