On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Credit Debit $ 60,400 28,400 $ 3,900 Account Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (54, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Total 38,000 32,400 172,000 16,500 237,000 23.800 $331,200 $ 331,200 During January 2021, the following transactions occurred: January 1 Purchased equipment for $21,200. The company estimates a residual value of $3,200 and a four-year service life. January 4 Paid cash on accounts payable, $11,200. January Purchased additional Inventory on account, 699,900 January 15 Received cash on accounts receivable, $23,700 January 19 Paid cash for salaries, $31,500. January 28 Paid cash for January utilities, $10,200. January 30 Firework sales for January totaled $237,000. All of those bales were on account. The cost of the unita nold was $123,500. The following information is available on January 31, 2021 a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. At the end of January $4.700 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts recelvable, the company estimatos that 3% will not be collected. The note receivable of $32,400 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. c. Accrued interest revenue on notes receivable for January d. Unpaid salaries at the end of January are $34,300, e. Accrued income taxes at the end of January are $10,700, PM January 19 Raid cash for salaries, $31,500. January 28 Paid cash Eor January utilities, $18,200. January 30 Pirevork sales for January totaled $237,000. All of these sales were on account. The cost of the unit was $123,500. The following Information is available on January 31, 2021. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. At the end of January, $4,700 of accounts receivable are past due, and the company estimates that 50% of these accounts be collected. Of the remaining accounts receivable, the company estimates that 3% will not be collected. The note receivab $32,400 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. c. Accrued interest revenue on notes receivable for January d. Unpaid salaries at the end of January are $34,300. e. Accrued Income taxes at the end of January are $10,700. General General Requirement Journal Income Ledger Trial Balance Balance Sheet Statement Analysis 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as Items 1-8) assuming a perpetual FIFO inventory system. The transaction on January 30 requires two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31 in the 'General Journal' tab (these are shown as items 9-13). 3. Review the adjusted "Trial Balance' as of January 31, 2021, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income Statement tab, 5. Prepare a classified balance sheet as of January 31, 2021, in the Balance Sheet' tab. 6. Record the closing entries in the general Journal' tab (these are shown as items 14-15). 2. Using the information from the requirements above, complete the Analysis tab. General Journal > Next