Below are the accounts in the general ledger:

1. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

2. Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

3. Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

4. Using the previous requirements from above, complete the "Analysis."

Thank you so much in advance!! I have been making a lot of small errors and am hoping to learn how to catch those small errors in order to complete assignments like these.

On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Credit Debit $ 60,200 28,000 $ 3,700 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,800 30,000 170,000 16,300 235,000 71,000 $ 326,000 $ 326,000 During January 2021, the following transactions occurred: January 1 Purchased equipment for $21,000. The company estimates a residual value of $3,000 and a six-year service life. 4 Paid cash on accounts payable, $11,000. January 8 Purchased additional inventory on account, $ 97,900. January 15 Received cash on accounts receivable, $23,500 January 19 Paid cash for salaries, $31,300. nuary 28 Paid cash for January utilities, $18,000. January 30 Firework sales for January totaled $235,000. All of these sales were on account. The cost of the units sold was $122,500. The following information is available on January 31, 2021. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. At the end of January, $4,500 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. The note receivable of $30,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. c. Accrued interest revenue on notes receivable for January. d. Unpaid salaries at the end of January are $34,100. e. Accrued income taxes at the end of January are $10,500. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted - General Ledger Account Cash Accounts receivable Debit Credit No. Debit Credit Date Jan 01 Balance 60,200 Date Jan 01 Balance 28,000 Allowance for uncollectible accounts Date Debit Credit Jan 01 Notes receivable Debit Credit No. No. Balance 3,700 Date Jan 01 Balance 30,000 Land Inventory Debit No. Credit No. Debit Credit Date Jan 01 Balance 37,800 Date Jan 01 Balance 170,000 Accounts payable Debit Credit Common stock Debit Credit No. No. Date Jan 01 Balance 16,300 Date Jan 01 Balance 235,000 Retained earnings No. Date Debit Credit Balance Jan 01 71,000 General Journal Trial Balance > 1 Record the purchase of equipment for $21,000. The company estimates a residual value of $3,000 and a six- year service life. 2 Record the cash paid on accounts payable, $11,000. 3 Record the purchase of additional inventory on account, $97,900. 4 Record the cash received on accounts receivable, $23,500. 5 Record the cash paid for salaries, $31,300. 6 Record the cash paid for January utilities, $18,000. 7 Record the sale of fireworks in January, $235,000. All of these sales are on account. 8 Record the cost of the fireworks sold in January, $122,500. 9 Record the adjusting entry for depreciation. 10 Record the adjusting entry for uncollectible accounts. 11 Record the adjusting entry for interest. 12 Record the adjusting entry for salaries. 13 Record the adjusting entry for income tax. 14 Record the closing entry for revenue. 15 Record the closing entry for expenses. TNT Fireworks Multiple-Step Income Statement For the year ended January 31, 2021 Gross profit Total operating expenses Operating income Trial Balance Balance Sheet > TNT Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current liabilities Total liabilities Total current assets Noncurrent assets: Stockholders' Equity Total stockholders' equity Total liabilities & stockholders' equity Total assets Analyze how well TNT Fireworks manages its assets: (a) Calculate the return on assets ratio for the month of January. If the average return on assets for the industry in January is 2%, is the company more or less profitable than other companies in the same industry? The return on assets ratio is: The company is more profitable. (True or False) (b) Calculate the profit margin for the month of January. If the industry average profit margin is 3%, is the company more or less efficient at converting sales to profit than other companies in the same industry? The profit margin is: The company is more efficient at converting sales to profit. (True or False) (c) Calculate the asset turnover ratio for the month of January. If the industry average asset turnover is 0.4 times per month, is the company more or less efficient at producing revenues with its assets than other companies in the same industry? The asset turnover ratio is: times The company is more efficient at producing revenues with its assets. (True or False)