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7 17 of 7 Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME
7 17 of 7 Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Cash ts eBook 0 ferences Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Notes Payable (6%, due April 1, 2022) Common Stock Accounts Payable Retained Earnings Totals Debit Credit $ 25,900 47,800 $ 5,000 20,800 54,000 19,000 2,300 29,300 58,000 43,000 29,900 $167,500 $167,500 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $155,000. January 15 Firework sales for the first half of the month total $143,000. All of these sales are on account. The cost of the units sold is $77,800. January 23 Receive $126,200 from customers on accounts receivable. January 25 Pay $98,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,600. January 30 Firework sales for the second half of the month total $151,000. Sales include $14,000 for cash and $137,000 on account. The cost of the units sold is $83,500. January 31 Pay cash for monthly salaries, $52,800.
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