Chapter 8 Exercises (Static) Saw 15 Part 6 of Required Information Exercise 8-18 Complete the accounting cycle (L08-1,8-2, 8-4, 8-6) On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: 8 ca 505 Credit Debit $ 25,100 46,200 $4,200 Book Account Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (61, due April 1, 2022) Common Stock Retained Earnings Total 20,000 46,000 15,000 Print 1,500 28,500 50,000 35,000 23.100 $152,300 $152,300 References During January 2021, the following transactions occur January 2 Sold gift carde totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date January 6 Purchase additional inventory on account, $147,000. January 15 Firework sales for the first half of the month total $135,000. All of these sales are on Secount. The cost of the units sold is $73,300. January 23 Receive 5125,400 from customers on accounts receivable. January 25 Pay 590,000 to inventory suppliers on accounts payable. January 28 Weite oft accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold in $79,500. January 31 Pay cash for monthly salaries 552.000. Exercise 8-18 Part 6 6. Record closing entries. If no entrv is required for a transaction/event, select "No Journal Entry Required in the first account c TA Chapter 8 Exercises (Static) Saw 15 Part 6 of Required Information Exercise 8-18 Complete the accounting cycle (L08-1,8-2, 8-4, 8-6) On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: 8 ca 505 Credit Debit $ 25,100 46,200 $4,200 Book Account Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (61, due April 1, 2022) Common Stock Retained Earnings Total 20,000 46,000 15,000 Print 1,500 28,500 50,000 35,000 23.100 $152,300 $152,300 References During January 2021, the following transactions occur January 2 Sold gift carde totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date January 6 Purchase additional inventory on account, $147,000. January 15 Firework sales for the first half of the month total $135,000. All of these sales are on Secount. The cost of the units sold is $73,300. January 23 Receive 5125,400 from customers on accounts receivable. January 25 Pay 590,000 to inventory suppliers on accounts payable. January 28 Weite oft accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold in $79,500. January 31 Pay cash for monthly salaries 552.000. Exercise 8-18 Part 6 6. Record closing entries. If no entrv is required for a transaction/event, select "No Journal Entry Required in the first account c TA
