Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can I please get some assistance with the journal entries I am missing and the anlysis portion of this problem. Thank you so much! Journal
Can I please get some assistance with the journal entries I am missing and the anlysis portion of this problem. Thank you so much!
Journal entry worksheet Record the closing entry for expenses. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for interest. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet (1) ,9 13 Record the adjusting entry for inventory. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for income tax. Note: Enter debits before credits. Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field. Show less Journal entry worksheet 8 16> Record the cost of the units sold, which is determined using a FIFO perpetual inventory system. Note: Enter debits before credits. The $46,000 beginning balance of inventory consists of 460 units, each costing $100. During January 2024 , Big Blast Fireworks had the following inventory transactions: January 3 Purchased 1,450 units for $158,050 on account ( $109 each). January 8 Purchased 1,550 units for $176,700 on account ( $114 each). January 12 Purchased 1,650 units for $196,350 on account (\$119 each). January 15 Returned 180 of the units purchased on January 12 because of defects. January 19 Sold 4,800 units on account for $720,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Received $705,000 from customers on accounts receivable. January 24 Paid $500,000 to inventory suppliers on accounts payable. January 27 Wrote off accounts receivable as uncollectible, $2,500. January 31 Paid cash for salaries during January, $135,000. The following information is available on January 31, 2024. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. At the end of January, $5,600 of accounts receivable are past due, and the company estimates that 35% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. c. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. d. Accrued income taxes at the end of January are $13,900
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started