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The following selected information is for Oriole Company for the year ended January 31, 2021: Freight in $6,500 Purchase discounts $12,000 Freight out 7,100 Purchase returns and allowances 16,000 Insurance expense 12,000 Rent expense 20.100 Interest expense 6,000 Salaries expense 61.000 Merchandise inventory, beginning 61.200 Salaries payable 2.500 Merchandise inventory, ending 42.000 Sales 320,000 O.G. Pogo, capital 105,000 Sales discounts 14,000 O.G. Pogo, drawings 42,200 Sales returns and allowances 20,200 Purchases 212.000 Unearned sales revenue 4,500 Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) ORIOLE COMPANY Income Statement MarPork Pie ORIOLE COMPANY Income Statement Question 6 of 7 C > -120 E E Tropia eTextbook and Media Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually if no entry is required, select "No Entry" for the account titles and enter O for the amounts) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 Sales Purchase Discounts Purchase Returns and Allowances Income Summary (To close income statement accounts with credit balances and record ending inventory.) Jan. 31 AUDAS 1000 001 Jan. 31 Jan. 31 (To close income statement accounts with debit balances and beginning inventory.) (To close Income Summary.) (To close drawings.) Wildhorse Co's fiscal year end is December 31. On January 31, 2021, the company's partial adjusted trial balance shows the following WILDHORSE CO. Adjusted Trial Balance (Partial) January 31, 2021 Debit Credit $810 1,200 6,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Salaries Payable Unearned Revenue Service Revenue Depreciation Expense Insurance Expense Salaries Expense Supplies Expense 50 300 1,700 915 $3,050 780 600 2,120 If the amount in Depreciation Expense is the depreciation for one month, when was the equipment purchased? Purchase date eTextbook and Media. Assistance Used Your answer is partially correct. If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium, and when was the policy purchased? (Hint: Assume the policy was purchased on the first day of the month) Total premium $ Purchase date June 1, 2020 eTextbook and Media Your answer is incorrect. If the amount in Supplies Expense is the January 31 adjusting entry, and the balance in Supplies on January 1 was $820, what was the amount of supplies purchased in January? Supplies purchased $ eTextbook and Media Assistance Used Your answer is incorrect. If the balance in Salaries Payable on January 1, 2021, was $1,220, what was the amount of salaries paid in cash during January? Salariespaid $