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Required Information 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: Debit $ 59,000 Credit 25,60 $ 2, see Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (%, due in 2 years Land Accounts Payable Common Stock Retained Earnings Totals 36,6 15,620 158,000 15,11 223,800 54,200 5294 de $294,nde During January Year 1, the following transactions occur January 1 Purchase equipment for $19,800. The company estimates residual value of $1, and a six-year service life January 4 Pay cash on accounts payable, 59, January Purchase additional inventory an account. $45,900. January 15 Receive cash on accounts receivable, $22,100 January 19 Pay cash for salaries, 530,140 January 28 Pay Cash for January utilities, $25,00 January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116.5 Information for adjusting entries a. Depreciation on the equipment for the month of January is calculated using the straight-line method b. The company estimates future uncollectible accounts. The company determines $3,300 of accounts receivable on January 31 re past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 28 of these accounts are estimated to be uncollectible (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) c. Accrued interest revenue on notes receivable for January d. Unoald Salaries at the end of January are $32.900 e. Accrued income taxes at the end of January are $9,300 Ne

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