Business, 19.11.2019 06:31, Homepage10
January 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100. january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2021. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. the company determines $4,100 of accounts receivable on january 31 are past due, and 50% of these accounts are estimated to be uncollectible. the remaining accounts receivable on january 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (hint: use the january 31 accounts receivable balance calculated in the general ledger.) accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100.
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January 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a fiv...
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