MaMake a balance sheet, income statement, and journal entry for this.

(6) Collect $140,000 from accounts receivable Cash Account Receiveables 140,000 140,000 (7) Pay cash dividends of $6,000. Retained Earnings Account's Payable 6,000 6,000 (8) Sell goods that cost $10,000 for $25,000 for cash (not on credit) Account receiveables Revuene 25,000 25,000 (9) Collect $5,500 from customers for revenue that has not yet been earned. Unearned revuenue Revunenue 5,500 5,500 (10) On January 1, pay $12,000 for 12 months of rent (January 1-December 31, 2021) Rent Expense Cash 12,000 12,000 Free check from me: JOURNAL ENTRIES BALANCE? should be zero BASED ON ALL OF THE FACTS AND JOURNAL ENTRIES REPORTED, RECORD ALL ADJUSTING ENTRIES REQUIRED AT JANUARY 31 BELOW NOTE... THESE ARE PART OF THE ACTIVITY FOR THE MONTH, BE SURE TO INCLUDE WHEN YOU PRESENT YOUR FINANCIAL STATEMENTS IN PART II (1) Purchase $75,000 of inventory on credit. Inventory Accounts Payable 75,000 75,000 (2) Sell goods which cost $85,000 for $155,000 on credit. Account Recieveables Revuene 155,000 155,000 (3) The sales reported in (2) above are estimated to be 98% collectible. Account Recieveables Cash 151,900 151,900 (4) Pay $6,445 to bank; $445 of December interest payable plus $6,000 reduction of debt. (5) Pay salaries through January 22 in the amount of $8,000 which covers the period from December 28, 2020 through January 22, 2021. There are 5 working days remaining in January after this payment (ignore holidays). Salaries Expense 8,000 Cash 8,000 (6) Collect $140,000 fom accounts receivable INSTRUCTIONS: Complete all of your work in this file. The worksheet "Graded Journal Entries" and "Graded Statements" is what will be graded. T-accounts are intended to assist, but they are not required. WHEN YOU ARE FINISHED, MAKE SURE TO SAVE THE FILE AS YOUR NAME AND UPLOAD TO WILEYPLUS FOR GRADING. FACTS AND THE QUESTIONS: The trial balance of XYZ, Inc. is as of January 1, 2021 below and just after the books were closed. DR./ (CR) Cash 125,000 1. Follow instructions at "graded journal entries" worksheet to complete journal entries Accounts receivable 30,000 Allowance for doubtful accounts (1,500) Inventory 40,000 Prepaid expenses 7,000 Fixed assets 220,000 Follow instructions at"graded statements" worksheet to report a classified balance Accumulated depreciation** (175,000) sheet and income statement as of and for the month ended January 31, 2021. Accounts payable (25,000) Interest payable (445) Salaries payable **** (1,600) Unearned revenue (25,000) Debt (210,000) Common stock (10,000) Feel free to use the T-accounts but no points. Retained earnings (78,455) Revenue ADDITIONAL FACTS Cost of goods sold * The debt matures at $6,000/ month and interest accrued during January but not paid as of Salaries expense January 31 is $440 Interest expense Bad debt expense ** Depreciation expense is $5,000/month. Depreciation expense Rent expense *** The unearned revenue at the beginning of the month is all earned by the end of the month. Salaries are $400/ day (ignore holidays) and the salaries payable represents 4 days (105,000) accrued payroll at December 31, 2020. (6) Collect $140,000 from accounts receivable Cash Account Receiveables 140,000 140,000 (7) Pay cash dividends of $6,000. Retained Earnings Account's Payable 6,000 6,000 (8) Sell goods that cost $10,000 for $25,000 for cash (not on credit) Account receiveables Revuene 25,000 25,000 (9) Collect $5,500 from customers for revenue that has not yet been earned. Unearned revuenue Revunenue 5,500 5,500 (10) On January 1, pay $12,000 for 12 months of rent (January 1-December 31, 2021) Rent Expense Cash 12,000 12,000 Free check from me: JOURNAL ENTRIES BALANCE? should be zero BASED ON ALL OF THE FACTS AND JOURNAL ENTRIES REPORTED, RECORD ALL ADJUSTING ENTRIES REQUIRED AT JANUARY 31 BELOW NOTE... THESE ARE PART OF THE ACTIVITY FOR THE MONTH, BE SURE TO INCLUDE WHEN YOU PRESENT YOUR FINANCIAL STATEMENTS IN PART II (1) Purchase $75,000 of inventory on credit. Inventory Accounts Payable 75,000 75,000 (2) Sell goods which cost $85,000 for $155,000 on credit. Account Recieveables Revuene 155,000 155,000 (3) The sales reported in (2) above are estimated to be 98% collectible. Account Recieveables Cash 151,900 151,900 (4) Pay $6,445 to bank; $445 of December interest payable plus $6,000 reduction of debt. (5) Pay salaries through January 22 in the amount of $8,000 which covers the period from December 28, 2020 through January 22, 2021. There are 5 working days remaining in January after this payment (ignore holidays). Salaries Expense 8,000 Cash 8,000 (6) Collect $140,000 fom accounts receivable INSTRUCTIONS: Complete all of your work in this file. The worksheet "Graded Journal Entries" and "Graded Statements" is what will be graded. T-accounts are intended to assist, but they are not required. WHEN YOU ARE FINISHED, MAKE SURE TO SAVE THE FILE AS YOUR NAME AND UPLOAD TO WILEYPLUS FOR GRADING. FACTS AND THE QUESTIONS: The trial balance of XYZ, Inc. is as of January 1, 2021 below and just after the books were closed. DR./ (CR) Cash 125,000 1. Follow instructions at "graded journal entries" worksheet to complete journal entries Accounts receivable 30,000 Allowance for doubtful accounts (1,500) Inventory 40,000 Prepaid expenses 7,000 Fixed assets 220,000 Follow instructions at"graded statements" worksheet to report a classified balance Accumulated depreciation** (175,000) sheet and income statement as of and for the month ended January 31, 2021. Accounts payable (25,000) Interest payable (445) Salaries payable **** (1,600) Unearned revenue (25,000) Debt (210,000) Common stock (10,000) Feel free to use the T-accounts but no points. Retained earnings (78,455) Revenue ADDITIONAL FACTS Cost of goods sold * The debt matures at $6,000/ month and interest accrued during January but not paid as of Salaries expense January 31 is $440 Interest expense Bad debt expense ** Depreciation expense is $5,000/month. Depreciation expense Rent expense *** The unearned revenue at the beginning of the month is all earned by the end of the month. Salaries are $400/ day (ignore holidays) and the salaries payable represents 4 days (105,000) accrued payroll at December 31, 2020