2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 5. Prepare a classified balance sheet as of January 31, 2024. (Enter the asset accounts in order of liquidity. Amounts to be deductec should be indicated with a minus sign.) Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Sold gift cards totaling $11,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $165,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $153,000. All of these sales are on account. The cost of the units sold is $82,800. January 23 Receive $127,200 from customers on accounts receivable. January 25 Pay $108,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,600. January 30 Firework sales for the second half of the month total $161,000. Sales include $18,000 for cash and $143,000 on account. The cost of the units sold is $88,500. January 31 Pay cash for monthly salaries, $53,800. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,800 and a two-year service life. - The company records an adjusting entry for $16,620 for estimated future uncollectible accounts. - The company has accrued interest on notes payable for January. - The company has accrued income taxes at the end of January of $14,800. - By the end of January, $4,800 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare a multiple-step income statement for the period ended January 31, 2024. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 5. Prepare a classified balance sheet as of January 31, 2024. (Enter the asset accounts in order of liquidity. Amounts to be deductec should be indicated with a minus sign.) Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Sold gift cards totaling $11,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $165,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $153,000. All of these sales are on account. The cost of the units sold is $82,800. January 23 Receive $127,200 from customers on accounts receivable. January 25 Pay $108,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,600. January 30 Firework sales for the second half of the month total $161,000. Sales include $18,000 for cash and $143,000 on account. The cost of the units sold is $88,500. January 31 Pay cash for monthly salaries, $53,800. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,800 and a two-year service life. - The company records an adjusting entry for $16,620 for estimated future uncollectible accounts. - The company has accrued interest on notes payable for January. - The company has accrued income taxes at the end of January of $14,800. - By the end of January, $4,800 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare a multiple-step income statement for the period ended January 31, 2024