Transactions for January of 2020 1/3/00 Paid interest payable plus $3,000 toward long term debt 1/2/20 Paid salaries payable 1/3/20 Purchased inventory (500 units at $46) on credit 1/4/20 Paid shipping on inventory of $250 1/6/20 Purchased supplies on credit for $850 1/9/20 Received $2,500 from customers for products to deliver in March 1/10/20 Sold 600 units on credit with a sales price of $105 (assume perpetual LIFO) 1/15/20 Purchased inventory (700 units at $47) 1/20/20 Paid $41,600 on accounts payable 1/21/20 Collected $121,350 in cash from customers in payment for earlier sales 1/22/20 Wrote off accounts receivable for $815 1/25/20 Sold 200 units on credit with a sales price of $105 (still perpetual LIFO) 1/26/20 Paid wages to employees for work done in January $31,000 1/26/20 Received utility bill for $7,200 for utilities used in January that will be paid in February 1/31/20 Delivered 100 units of product to customers that they paid 10,000 for in 2019 (unearned revenue) 1/31/20 Counted supplies and found $1,240 remaining 1/31/20 Employees worked and earned $4,700 in January that will not be paid until February 1/31/20 Interest at 12% per year on the long term debt (new balance) has not been paid 1/31/20