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Cash Land Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of ACME Fireworks includes the
Cash Land 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 Debit Credit $ 25,200 Accounts Receivable 46,400 Allowance for Uncollectible Accounts $ 4,300 Inventory 20,100 47,000 Equipment 16,000 Accumulated Depreciation 1,600 Accounts Payable 28,600 Notes Payable (6%, due April 1, 2022 ) 51,000 Common Stock 36,000 Retained Earnings 33,200 Totals $154,700 $154,700 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $148,000. January 15 Firework sales for the first half of the month total $136,000. All of these sales are on account. The cost of the units sold is $74,300. January 23 Receive $125,500 from customers on accounts receivable. January 25 Pay $91,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $4,900. January 30 Firework sales for the second half of the month total $144,000. Sales include $10,000 for cash and $134,000 on account. The cost of the units sold is $80,000. January 31 Pay cash for monthly salaries, $52,100. 3. Prepare an adjusted trial balance as of January 31, 2021. 3. Prepare an adjusted trial balance as of January 31, 2021. ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Totals $ 0 $ 0
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