10 On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: 0.66 points Account Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (121, due in 3 years) Common Stock Tetained Earnings Totale Debit Credit $ 22,900 39,000 $4,100 35,000 69,100 29,900 35,000 61,000 36,000 $165,000 $166,000 N= Print The $35,000 beginning balance of inventory consists of 350 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: . References January 3 Purchase 1,400 units for $154,000 on account ($110 each) January 8Purchase 1,500 units for $172,500 on account ($115 each) January 12 Parehase 1,600 units for 00 on account (5120 each). January 15 Return 125 of the units purchased on January 12 because of defects. January 19 Sell 4,600 units on account for $690,000. The cost of the units sold is determined using a PIPO perpetual inventory system. January 22 Receive $665,000 from customers on accounts receivable. January 24 Pay 5495,000 to inventory suppliers on accounts payable. January 27 Write of accounts receivable as uncollectible, $3,000. January 31 Pay cash for salaries during January, $119,000. The following information is available on January 31, 2021. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each, b. The company estimates future uncollectible accounts. The company determines $4,500 of accounts receivable on January 31 are past due, and 40% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) c. Accrued interest expense on notes payable for January, Interest is expected to be paid each December 31 d. Accrued Income taxes at the end of January are $12,800 General Requirement General Income Journal Trial Balance Balance Sheet Ledger Statement Analysis 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 10) assuming a FIFO perpetual inventory system. 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 11-14). 3. Review the adjusted 'Trial Balance' as of January 31, 2021, in the Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021, in the "Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15 and 16). 7. Using the information from the requirements above, complete the 'Analysis' tab