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Dn January 1, 2025. Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,240 cash. The new company. Tamarisk Sales and Service, has the following transactions during January. 1. Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space. 2. Purchases 41 personal computers at a cost of $1,660 each, 7 graphics computers at a cost of $2,660 each, and 26 printers at a cost of $460 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $13,840 in salaries and wages during January, of which $4,240 was still payable at the end of January. 4. Sells 31 personal computers at $2,710 each, $ graphics computers for $3,760 each, and 16 printers for $660 each; $76,240 is received in cash in January, and $37,130 is sold on a deferred payment basis. 5. Other operating expenses of $9,640 are incurred and paid for during January: $3,240 of incurred expenses are payable at January 31. TAMARISK SALES AND SERVICE Balance Sheet January 31.2025 (1) Cash Basis (2) Accrual Basis Assets $ 91240$ Accounts Receivable Inventory Prepaid Rent Total Assets Liabilities and Owners' Equity Accoonts Payable Salaries and Wages Paysble Ownors Copital $ i 5 Total Liabilities and Owner's Equity $

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