The only problems I need help figuring out are questions 5 (which is almost finished, just incomplete and I do not know why) and 7 a-1, which I will put as the bottom 2 pictures. I put the answered journals (questions 1,2,3,4, and 6) at the top for reference. Thank you!

Exercise 6-21B Complete the accounting cycle using inventory transactions (LO6-2, 6-3, 6-5, 6-6, 6-7) [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: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (9%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,700 43,500 $ 3,100 44,000 82,600 28, 200 44,000 70,000 49,500 $194,800 $194,800 The $44,000 beginning balance of inventory consists of 440 units, each costing $100. During January Year 1, the company had the following inventory transactions: January 3 Purchase 1,250 units for $133,750 on account ($107 each). January 8 Purchase 1,350 units for $151,200 on account ($112 each). January 12 Purchase 1,450 units for $169,650 on account ($117 each). January 15 Return 170 of the units purchased on January 12 because of defects. January 19 Sell 4,200 units on account for $630,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $617,000 from customers on accounts receivable. January 24 Pay $420,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,300. January 31 Pay cash for salaries during January, $133,000. The following information is available on January 31, Year 1. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. The company estimates future uncollectible accounts. The company determines $5.400 of accounts receivable on 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Date January 31 2,040 Costs of goods sold Inventory 2,040 2 January 31 Bad debt expense 3,800 Allowance for uncollectible accounts 3,800 3 January 31 330 Interest expense Interest payable 330 4 January 31 13,700 Income tax expense Income tax payable 13,700 a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. At the end of January, $5,400 of accounts receivable are past due, and the company estimates that 40% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. c. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. d. Accrued income taxes at the end of January are $13,700. 3. Prepare an adjusted trial balance as of January 31, Year 1. Credit 4,600 Adjusted Trial Balance January 31, Year 1 Accounts Debit Cash $ 88,700 Accounts receivable 54,200 Allowance for uncollectible accounts I Inventory 12,000 Land 82,600 Accounts payable Interest payable Income tax payable Notes payable Common stock Retained earnings Sales revenue Cost of goods sold 466,710 Salaries expense 133,000 Bad debt expense 3,800 Interest expense 330 Income tax expense 13,700 Totals $ 855,040 42,910 330 13,700 44,000 70,000 49,500 630,000 $ 855,040 Exercise 6-21B Part 4 4. Prepare a multiple-step income statement for the period ended January 31, Year 1. Multiple-step Income Statement For the year ended January 31, Year 1 $ 630,000 (466,710) Sales revenue Cost of goods sold $ 163,290 Gross profit Salaries expense Bad debt expense 133,000 3,800 Total operating expenses Operating income (loss) Interest expense 136,800 26,490 (330) Income before taxes Income tax expense Net income 26,160 (13,700) 12,460 $ Exercise 6-21B Part 6 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No General Journal Debit Credit Date January 31 1 630,000 Sales revenue Retained earnings 630,000 2 January 31 617,540 Retained earnings Interest expense Income tax expense Salaries expense Bad debt expense Cost of goods sold 330 13,700 133,000 3,800 466,710 Exercise 6-21B Part 5 5. Prepare a classified balance sheet as of January 31, Year 1. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Classified Balance Sheet January 31, Year 1 Assets Liabilities Cash $ 88,700 12,000 Inventory Accounts payable Interest payable Income tax payable $ 42,910 330 13,700 (4,600) Less: Allowance Total current assets Land (4,600) 96,100 82,600 Total current liabilities Notes payable 56,940 44,000 100,940 Total liabilities Stockholders' Equity Common stock Retained earnings 70,000 61,960 Total stockholders' equity 131,960 Total assets Total liabilities and stockholders' equity 178,700 $ 232,900 Exercise 6-21B Part 7 7. Analyze how well the company manages its inventory: a-1. Calculate the inventory turnover ratio for the month of January. (Round your final answer to 1 decimal place) Answer is complete but not entirely correct. The Inventory turnover ratio 22.58 is a-2. If the industry average of the inventory turnover ratio for the month of January is 18.5 times, is the company managing its inventory more or less efficiently than other companies in the same industry? More O Less