How to get answer about Retained Answer?

Required information Exercise 7-213 Complete the accounting cycle using long-term asset transactions (LO7-4, 7-?) [T he following information applies to the questions dispiayed below] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 60,300 Accounts Receivable 23,200 Allowance for Uncollectible Accounts $ 3,300 Inventory 37,900 Notes Receivable (5%, due in 2 years) 31,200 Land 171,000 Accounts Payable 16,400 Common Stock 236,000 Retained Earnings 72,400 Totals $323,600 $328,600 ' During January Year 1, the following transactions occur: January 1 Purchase equipment for $21,100. The company estimates a residual value of $3,100 and a five-year service life. January 4 Pay cash on accounts payable, $11,100. January 8 Purchase additional inventory on account, $98,900. January 15 Receive cash on accounts receivable, $23,600. January 19 Pay cash for salaries, $31,400. January 28 Pay cash for January utilities, $13,100. January 30 Sales for January total $236,000. All of these sales are on account. The cost of the units sold is $123,000. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company estimates future uncollectible accounts. The company determines $4,600 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.) c. Accrued interest revenue on notes receivable for January. d. Unpaid salaries at the end of January are $34,200. e. Accrued income taxes at the end of January are $10,600. Exercise 7-213 Part 6 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet _m _