1.		Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 8) assuming a FIFO perpetual inventory system. The transaction on January 30 requires two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
2.		Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as items 9-13).
3.		Review the adjusted 'Trial Balance' as of January 31, 2018, in the 'Trial Balance' tab.
4.		Prepare a multiple-step income statement for the period ended January 31, 2018, in the 'Income Statement' tab.
5.		Prepare a classified balance sheet as of January 31, 2018, in the 'Balance Sheet' tab.
6.		Record the closing entries in the 'General Journal' tab (these are shown as items 14 and 15).
7.		Using the information from the requirements above, complete the 'Analysis' tab.

On January 1, 2018, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Accounts Reccivable Debit 59,900 27,400 37,500 26,400 167,000 Credit Notes Receivable (5%, due in 2 years) Land Allowance for Uncollectible Accounts 3,400 16,000 232,000 66,800 Common Stock Retained Earning Totals $318,200 $318,200 During January 2018, the following transactions occur: January 1 Purchase equipment for $20,700. The company estimates a residual value of $2,700 and a six-year service life. January 4 Pay cash on accounts payable, $10,700 January 8 Purchase additional inventory on account, $94,900 January 15 Receive cash on accounts receivable, $23,200 January 19 Pay cash for salaries, $31,000 January 28 Pay cash for January utilities, $17,700 January 30 Firework sales for January total $232,000. All of these sales are on account. The cost of the units sold is $121,000. The following information is available on January 31, 2018. 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 $4,200 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. The note receivable of$26,400 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. (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 $33,800. e. Accrued income taxes at the end of January are $10,200