Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does n 7 On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances Credit Debit $ 25,600 47,20 ts $4,700 01:20:42 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals 20,500 51,000 17,500 2,000 29,00 55.ee 40,000 31.100 $ 161,600 $161,60 During January 2021, the following transactions occur January 2 Sold gift cards totaling $9.000. The cards are redeemable for merchandise within one year of the purchase date: January 6 Purchase additional Inventory on account, $152,000 January 15 Firework sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 Firework sales for the second half of the month total $148,000. Sales Include $10,000 for cash and $130,000 on account: The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, 352,500, The following information is available on January 31 a. Depreciation on the equipment for the month of January is calculated using the straight line method. At the time the equipment was purchased the company estimated a residual value of $3,700 and a two year service b. At the end of January, $16.000 of accounts receivable are past due and the company estimates that 80% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that will not be collected c. Accrued interest expense on notes payable for January d Accrued income taxes at the end of January are $13,500. e By the end of January, $3,500 of the gift cards sold on January 2 have been redeemed ignore cost of goods sold)