3. Prepare an adjusted trial balance as of January 31, Year 1.Adjusted Trial BalanceJanuary 31, Year 1AccountsDebitCreditTotals$%24 On January 1, Year 1, the general ledger of a company includes the following account balances:AccountsDebitCreditCashAccounts ReceivableAllowance for Uncollectible Accounts$ 25,60047,200$ 4,700InventoryLand20,50051,00017,500EquipmentAccumulated DepreciationAccounts PayableNotes Payable (6%, due April 1, Year 2)Common StockRetained Earnings2,00029,00055,00040,00031,100$161,800Totals$161,800During January Year 1, the following transactions occur:January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of thepurchase date.January 6 Purchase additional inventory on account, $152,000.January 15 The comapany sales for the first half of the month total $140,000. All of these sales are onaccount. The cost of the units sold is $76,300.January 23 Receive $125,900 from customers on accounts receivable.January 25 Pay $95,000 to inventory suppliers on accounts payable.January 28 Write off accounts receivable as uncollectible, $5,300.January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cashand $138,000 on account. The cost of the units sold is $82,000.January 31 Pay cash for monthly salaries, $52,500.

Gift cards sold are recorded as debit to cash and credit to a liability account named as Gift…

Answered: 3. Prepare an adjusted trial balance as…

Business

Accounting

3. Prepare an adjusted trial balance as of January 31, Year 1.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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