14 Part 5 of 02:5128 Required Information Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Account Dobit Credit Cash $ 25, 100 Account Receivable 46.200 Allowance for Uncollectible Account $ 4,200 Inventory 20,000 Land 46,000 Equipment 15,000 Accumulated Depreciation 1,500 Accounts Payablo 20.500 Notou payable (6), due April 1, 2022) 50,000 Common Stock 35,000 Retained earnings 53,100 Totale $152,300 $152,300 000 References During January 2021, the following transactions occur January 2 Hold gift cards totaling 60,000. The carda aro redoonable for narahandise within one year of the purchase date January ( Purchase additional inventory on account, $147,000. January 15 Firework sales for the first halt of the month total $135,000. All of these we are on account. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable. January 28 Write oft accounts receivable an uncollectible, $4,800. January 30 Pirevork sales for the second half of the month total $143,000. Sales include 611,000 for cash and $132,000 on account. The cont of the units sold in 579,500. January 31 Pay cash for monthly salaries, 552,000. Exercise 8-18 Part 5