Accounts Debit Credit Cash $ 25,400 Accounts Receivable 46,800 Allowance for Uncollectible Accounts $ 4,500 Inventory 20,300 Land 49,000 Equipment 16,500 Accumulated Depreciation 1,800 Accounts Payable 28,800 Notes Payable (6 , due April 1, 2022) 53,000 Common Stock 38,000 Retained Earnings 31,900 Totals $ 158,000 $ 158,000 During January 2021, the following transactions occur January 2 Sold gift cards totaling $8,600 The cards are redeemable for merchandise within one year of the purchase date January 6 Purchase additional inventory on account, $150,000 January 15 Firework sales for the first half of the month total $138,000 All of these sales are on account The cost of the units sold is $75,300 January 23 Receive $125,700 from customers on accounts receivable January 25 Pay $93,000 to inventory suppliers on accounts payable January 28 Write off accounts receivable as uncollectible, $5,100 January 30 Firework sales for the second half of the month total $146,000 Sales include $18,000 for cash and $128,000 on account The cost of the units sold is $81,000 January 31 Pay cash for monthly salaries, $52,300 6 Record closing entries for the revenue and expense accounts (If no entry is required for a transaction event, select No Journal Entry Required in the first account field )

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Accounts Debit Credit Cash $ 25,400 Accounts Receivable 46,800 Allowance for Uncollectible Accounts $ 4,500 Inventory 20,300 Land 49,000 Equipment 16,500 Accumulated Depreciation 1,800 Accounts

Accounts	Debit		Credit
Cash	$	25,400
Accounts Receivable		46,800
Allowance for Uncollectible Accounts			$	4,500
Inventory		20,300
Land		49,000
Equipment		16,500
Accumulated Depreciation				1,800
Accounts Payable				28,800
Notes Payable (6%, due April 1, 2022)				53,000
Common Stock				38,000
Retained Earnings				31,900
Totals	$	158,000	$	158,000

During January 2021, the following transactions occur:

January	2	Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date.
January	6	Purchase additional inventory on account, $150,000.
January	15	Firework sales for the first half of the month total $138,000. All of these sales are on account. The cost of the units sold is $75,300.
January	23	Receive $125,700 from customers on accounts receivable.
January	25	Pay $93,000 to inventory suppliers on accounts payable.
January	28	Write off accounts receivable as uncollectible, $5,100.
January	30	Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000 on account. The cost of the units sold is $81,000.
January	31	Pay cash for monthly salaries, $52,300.

6. Record closing entries for the revenue and expense accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)