classified balance sheet and closing entires

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 Cred Debit $ 26,600 49,200 5,700 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 21,500 61,080 22,500 3,900 30,000 65,000 50,000 27,108 $180,888 $180,880 During January 2021, the following transactions occur January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $162,000. January 15 Firework sales for the first half of the month total $150,000. All of these soles are on account. The cost of the units sold is $81,300.. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,88 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,300. January 30 Firework sales for the second half of the month total $150,000. Soles include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. View transaction list View journal entry worksheet . No General Journal Credit Dale January 02 Debit 11,000 Cash Deferred Revenue 11,000 2 January 06 162,000 Inventory Accounts Payable 162,000 January 15 150,000 Accounts Receivable Sales Revenue 150.000 January 15 ENGL81,300 Cost of Goods Sold Inventory 81,300 January 23 900 Cash Accounts Receivable 126,900 8 6 January 25 ,000 Accounts Payable Cash RO 105,000 January 28 300 Allowance for Uncollectible Accounts Accounts Receivable 6.300 January 30 Cash Accounts Receivable Sales Revenue 14.000 144,000 158,000 January 30 87.000 cost of Goods Sold Inventory 87.000 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 $4,500 and a two year service life. The company estimates future uncollectible accounts. The company determines $26,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint Use the January 31 accounts receivable balance calculated in the general ledger.) Accrued Interest expense on notes payable for January Accrued income taxes at the end of January are $14,500. . By the end of January, $4,500 of the gift cards sold on January 2 have been redeemed. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Debit Credit Date January 31 General Journal Depreciation Expense Accumulated Depreciation January 31 Bad Debt Expense Allowance for Uncollectible Accounts 15.160 January 31 Interest Expense Interest Payable 14.500 January 31 Income Tax Expense Income Tax Payable 14.500 January 31 Deferred Revenue Sales Revenue 5. Prepare a classified balance sheet as of January 31, 2021 (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory hand Equipment Total Current Assets 0 Total Current Liabilities Total Liabilities Stockholders' Equity otal Stockholders Equity Total Assets $ 0 Total Liabilities and Stockholders Equity S IN c12 Record the closing entry for revenue accounts Note: Enter debits before credits General Journal Debit Credit Date January 31, 2021 LL ME OVE Record entry Clear entry View general jommal View transaction list Journal entry worksheet Record the closing entry for expense accounts. Note: Enter debits before credits. Date January 31, 2021 General Journal Debit Credit 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 Cred Debit $ 26,600 49,200 5,700 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 21,500 61,080 22,500 3,900 30,000 65,000 50,000 27,108 $180,888 $180,880 During January 2021, the following transactions occur January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $162,000. January 15 Firework sales for the first half of the month total $150,000. All of these soles are on account. The cost of the units sold is $81,300.. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,88 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,300. January 30 Firework sales for the second half of the month total $150,000. Soles include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. View transaction list View journal entry worksheet . No General Journal Credit Dale January 02 Debit 11,000 Cash Deferred Revenue 11,000 2 January 06 162,000 Inventory Accounts Payable 162,000 January 15 150,000 Accounts Receivable Sales Revenue 150.000 January 15 ENGL81,300 Cost of Goods Sold Inventory 81,300 January 23 900 Cash Accounts Receivable 126,900 8 6 January 25 ,000 Accounts Payable Cash RO 105,000 January 28 300 Allowance for Uncollectible Accounts Accounts Receivable 6.300 January 30 Cash Accounts Receivable Sales Revenue 14.000 144,000 158,000 January 30 87.000 cost of Goods Sold Inventory 87.000 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 $4,500 and a two year service life. The company estimates future uncollectible accounts. The company determines $26,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint Use the January 31 accounts receivable balance calculated in the general ledger.) Accrued Interest expense on notes payable for January Accrued income taxes at the end of January are $14,500. . By the end of January, $4,500 of the gift cards sold on January 2 have been redeemed. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Debit Credit Date January 31 General Journal Depreciation Expense Accumulated Depreciation January 31 Bad Debt Expense Allowance for Uncollectible Accounts 15.160 January 31 Interest Expense Interest Payable 14.500 January 31 Income Tax Expense Income Tax Payable 14.500 January 31 Deferred Revenue Sales Revenue 5. Prepare a classified balance sheet as of January 31, 2021 (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory hand Equipment Total Current Assets 0 Total Current Liabilities Total Liabilities Stockholders' Equity otal Stockholders Equity Total Assets $ 0 Total Liabilities and Stockholders Equity S IN c12 Record the closing entry for revenue accounts Note: Enter debits before credits General Journal Debit Credit Date January 31, 2021 LL ME OVE Record entry Clear entry View general jommal View transaction list Journal entry worksheet Record the closing entry for expense accounts. Note: Enter debits before credits. Date January 31, 2021 General Journal Debit Credit