The system is saying my answer isn't complete, am I missing something on the balance sheet or is it something else?
On January 1, 2021, the general ledger of Tripley Company included the following account balances: Credit Debit $ 70,000 40,000 $ 5,000 30,000 70,000 Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accumulated depreciation Land Accounts payable Notes payable (8%, due in 3 years) Common stock Retained earnings Totals 10,000 200,000 20,000 36,000 100,000 239,000 $410,000 $410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 3,300 units of inventory on account for $429,000 ($130 each) with terms 2/10, n/30. 17 Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future. 20 Received cash from customers on accounts receivable. This amount includes $36,000 from 2020 plus amount receivable on sale of 2,700 units sold on January 15. 21 wrote off remaining accounts receivable from 2020. 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 3,100 units on January 5. 28 Paid cash for salaries during January, $28,000. 29 Paid cash for utilities during January, $10,000. 30 Paid dividends, $3,000. Month-end adjusting entries: a. Of the remaining accounts receivable, the company estimates that 10% will not be collected. b. Accrued interest revenue on notes receivable for January. c. Accrued interest expense on notes payable for January. d. Accrued income taxes at the end of January for $5,000. e. Depreciation on the building, $2,000. Tripley Company Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities: Cash $ 33,000 27,980 52,000 Accounts receivable Accounts payable Interest payable Income tax payable 240 Inventory 66,000 5,000 Interest receivable 100 Total current liabilities 38,240 Allowance for uncollectible accounts (5,200) Notes payable 36,000 0 0 Total current assets 140,880 Total liabilities 74,240 Stockholders' equity Noncurrent Assets: Buildings Common stock 70,000 200,000 (12,000) 100,000 244,640 Land Retained earnings Accumulated depreciation 0 0 Total stockholders' equity Total liabilities and stockholders' equity 344,640 418,880 Total assets 398,880 $
