Business, 06.03.2020 23:58 heathkid23

At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. The company estimates future uncollectible accounts. The company determines $5,300 of accounts receivable on January 31 are past due, and 35% 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.) Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. Accrued income taxes at the end of January are $13,600. 6. Record closing entries.

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At the end of January, the company estimates that the remaining units of inventory are expected to s...