On January 1, 2021, the general ledger of Tripley Company included the following account balances: Debit $274,000 74,000

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On January 1 2021 The General Ledger Of Tripley Company Included The Following Account Balances Debit 274 000 74 000 1 (104.87 KiB) Viewed 61 times

On January 1, 2021, the general ledger of Tripley Company included the following account balances: Debit $274,000 74,000 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 33,400 243,400 248,600 Month-end adjusting entries: Credit The $33,400 beginning balance of inventory consists of 334 units, each costing $100. During January 2021, the company had the following transactions: $ 37,400 January 2 Lent $54,000 to an employee by accepting a 68 note due in six months. 5 Purchased 5,200 units of inventory on account for $572,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 5,000 units of inventory on account for $820,000 ($164 each) with terms 2/10, n/30. Requirement 44,000 190,000 240,000 119,600 242,400 $873,400 $873,400 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 $39,400 from 2020 plus amount receivable on sale of 4,400 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 4,800 units on January 5. 28 Paid cash for salaries during January, $62,000. 29 Paid cash for utilities during January, $44,000. 30 Paid dividends, $6,400. General Journal General Ledger 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 $8,400. e. Depreciation on the building, $5,400. Return to question Answer is not complete. Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "N required" in the first account field.)