Trueman Company started business in $2021$ and sells uniforms for the restaurant industry. Trueman works with various manufacturers, i$.$e$.,$ suppliers, who produce the uniforms. Trueman$$s customers can buy uniforms on account, but are expected to pay within $30$ days. Customers can return the uniforms to Trueman within $30$ days for a full refund.

Trueman has a December $31$ fiscal year end. The following is a list of accounts and their unadjusted balances for Trueman Company at December $31,2023.$

Unadjusted

Account Name Balance $12/31/23$

Cash $15,700$

Accounts receivable $13,270$ X

Allowance for Bad Debts $250$

Inventory $7,350$

Supplies $1,060$

Prepaid rent $1,500$

Equipment $45,150$

Accumulated deprec $-$ equip $9,080$

Accounts payable $845$

Long$-$term notes payable $7,000$

Common stock $4,000$

Retained earnings $15,305$

Dividends $10,000$

Sales $213,400$

Sales returns $11,000$

Cost of goods sold $82,000$

Rent expense $12,000$

Salaries expense $45,400$

Supplies expense $4,700$

Loss on sale of equipment $2,000$

Interest income $1,250$