Comprehensive Problem 8 a-b, c1-c3 (Part Level Submission)

Cullumber Companys balance sheet at December 31, 2019, is presented below.

Cullumber Company Balance Sheet December 31, 2019
Cash		$13,000			Accounts payable		$8,600
Accounts receivable		19,000			Common stock		18,000
Allowance for doubtful accounts		(700	)		Retained earnings		13,700
Inventory		9,000
		$40,300					$40,300

During January 2020, the following transactions occurred. Cullumber uses the perpetual inventory method.

Jan. 1		Cullumber accepted a 4-month, 8% note from Merando Company in payment of Merandos $1,200 account.
3		Cullumber wrote off as uncollectible the accounts of Inwood Corporation ($300) and Goza Company ($100).
8		Cullumber purchased $15,000 of inventory on account.
11		Cullumber sold for $25,000 on account inventory that cost $17,000.
15		Cullumber sold inventory that cost $600 to Mark Lauber for $1,000. Lauber charged this amount on his Visa First Bank card. The service fee charged Cullumber by First Bank is 3%.
17		Cullumber collected $20,000 from customers on account.
21		Cullumber paid $16,000 on accounts payable.
24		Cullumber received payment in full ($100) from Goza Company on the account written off on January 3.
27		Cullumber purchased supplies for $1,400 cash.
31		Cullumber paid other operating expenses, $3,000.

Adjustment data:

1.		Interest is recorded for the month on the note from January 1.
2.		Bad debts are expected to be 6% of the January 31, 2020, accounts receivable.
3.		A count of supplies on January 31, 2020, reveals that $400 remains unused

Cullumber Company Adjusted Trial Balance January 31, 2020 Debit Credit Cash $ Notes Receivable 1,200 Interest Receivable 24 Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Accounts Payable Common Stock Retained Earnings Interest Revenue Sales Revenue Cost of Goods Sold Service Charge Expense Bad Debt Expense Other Operating Expenses Supplies Expense Total