11 Part 1 of 6 Skipped Required information On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit $22,700 38,500 34,000 67,600 $162,800 Credit $3,900 30,400 34,000 60,000 34,500 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,300 units for $141,700 on account ($109 each). January 8 Purchase 1,400 units for $159,600 on account ($114 each). January 12 Purchase 1,500 units for $178,500 on account ($119 each). January 15 Return 120 of the units purchased on January 12 because of defects. January 19 Sell 4,300 units on account for $645,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $621,000 from customers on accounts receivable. January 24 Pay $451,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,900. January 31 Pay cash for salaries during January, $118,000. The following information is available on January 31, 2024. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,300 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January, Interest is expected to be paid each December 31. d. The company accrues income taxes at the end of January of $12,700.

Journal entry worksheet Record purchase of 1,300 units for $141,700 on account ( $109 each). Note: Enter debits before credits. Journal entry worksheet Record purchase of 1,400 units for $159,600 on account ( $114 each). Note: Enter debits before credits. 3. Prepare an adjusted trial balance as of January 31,2024. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sed in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units feturned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3.300 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January interest is expected to be paid each December 31. d. The company accrues income taxes at the end of January of $12,700. 2. Record adjusting entries on January 31 for the above transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. Record the adjusting entry for net reallyable value. Required: 1. Record each of the transactions listed above, assuming a FIFO perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Required: 1. Record each of the transactions listed above, assuming a FIFO perpetual inventory system, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Finter debits before credits expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,300 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31. d. The company accrues income taxes at the end of January of $12,700. 4. Prepare a multiple-step income statement for the period ended January 31, 2024. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. (Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an ad, usting entry for $3,300 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31. d. The company accrues income taxes at the end of January of $12,700. 2. Record adjusting entries on January 31 for the above transactions. of no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet The compsny records an adjusting entry for $3,300. for estimated future uncollectible accounts. Record the adfusting entry for uncollectible accounts. Journal entry worksheet The company accrues interest on notes payable for January. Interest is expected to be paid each December 31 . Record the adjusting entry for interest expense. Wote Enter debits before credis c. The company acerves interest on noves payable for January. Interest is expected to be paid each December 31 . d. The company accrues income taxes at the end of January of $12,700 5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Journal entry worksheet 5 6 7 8 9 Record purchase of 1,500 units for $178,500 on account ( $119 each). Note: Enter debits before credits. On January 1, 2024, the general iedger of Big Blast Fireworks inchudes the following account balances: The $34,000 beginning balance of inventory consists of 340 units, each costing $100 During January 2024, Big Biast Fireworks had the following inventory transactions perpetual lavestory, issteh. The folowing information is avaliable on January 31,2024. a. At the end of January, the company ostimates that the remaining units of inventory purchased on danuary 12 are expected to seil in Febriary for only 5100 each, (Pent: Determine the number of Lnits remainng from January 12 after subtracting the units retuned on Jansary 15 and the units assumed sold pfifoj on January ig j: b. The company records an adjusting entry for $33,300 for estimated future uncolectible accounts. c. The company accrues interest on notes payable for lanuary inferest is expected to be paid each Deccember 3t d. The cempany bccrues income taves at the end of January of $1,700 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Pecord the entry to close the expense accounts. Note: Ener debitivetore credits Required information On January 1,2024, the general ledger of Big Blast Fireworks includes the following account balances: The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During January 2024 , Big Biast Fireworks had the following inventory transactions: January 3 Purchase 1,300 units for $141,700 on account (\$109 each). January if Purchase 1,400 unita for $159,600 an account (\$114 each). January 12 purchase 1,500 units for $178,500 on account ($119 each). January is Return 120 of the units purchased on January 12 because of defects. Jenuary 19 seli 4,300 units on accoust for $645,090. The cont of the lenits sold se deternised using a riro perpetual investory syaten. Janisary 22 Receive 5621,000 fron customers on aceaunts receivable. January 24 vay $451,000 to inventory suppliera on sccousts payable. January 27 Write off accosants recelvable as uncoliectible, $2,900. Jahuary 31 pay cash for salarias during Jahuary, \$116, 000. The following information is avallable on January 31,2024 a. At the end of Januory, the company estimotes that the remaining units of imventory purchased on January 12 are expected to sell in February for only $100 each. (Hint Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FifO) on January 19] b. The company records an adjusting entry for $3,300 for estimated future uncollectible accounts c. The company accrues interest on notes payable for January. Interest is expected to bo paid each December 31. d. The company accrues income taxes at the end of January of $12,700 Journal entry worksheet Record the return of the 120 units purchased on January 12 because of defects. Note: Enter debits before credits. Required: 1. Record each of the transactions listed above, assuming a FIFO perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 12345910 Note: Enter debits before credits: Required: 1. Record each of the transactions listed above, assuming a FiFO perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet