Create a General Journal (a-g) of the following:

a) Record purchase of 1,150 units for $121,900 on account ($106 each).

b) Record purchase of 1,250 units for $138,750 on account ($111 each).

c) Record purchase of 1,350 units for $156,600 on account ($116 each).

d) Record the return of 165 of the units purchased on January 12 because of defects.

e) Record the sale of 3,900 units on account for $624,000.

f) Record the cost of the units sold, which is determined using a FIFO perpetual inventory system.

g) Record the receipt of $573,000 from customers on accounts receivable.

h) Record the payment of $380,000 to inventory suppliers on accounts payable.

i) Record the write off of accounts receivable as uncollectible, $2,200.

j) Record the payment of cash for salaries during January, $132,000.

k) At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. Record the adjusting entry for inventory.

l) The company estimates future uncollectible accounts. The company determines $5,300 of accounts receivable on January 31 are past due, and 35% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record the adjusting entry for uncollectible accounts.

m) Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. Record the adjusting entry for interest.

n) Accrued income taxes at the end of January are $13,600. Record the adjusting entry for income tax.

o) Record the closing entry for revenue.

p) Record the closing entry for expenses.

On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts $24,500 43,000 Cash Accounts Receivable Allowance for Uncollectible Accounts 2,900 43,000 81,100 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 28,700 43,000 69,000 48,000 Common Stock Retained Earnings $191,600 $191,600 Totals The $43,000 beginning balance of inventory consists of 430 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: 3 Purchase 1,150 units for $121,900 on account ($106 each). 8 Purchase 1,250 units for $138,750 on account ($111 each). January January January 12 Purchase 1,350 units for $156,600 on account ($116 each). January 15 Return 165 of the units purchased on January 12 because of defects January 19 Sell 3,900 units on account for $624,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $573,000 from customers on accounts receivable January 24 Pay $380,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,200 January 31 Pay cash for salaries during January, $132,000. The following information is available on January 31, 2021. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $1000 each b. The company estimates future uncollectible accounts. The company determines $5,300 of accounts receivable on January 31 are past due, and 35% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) 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 $13,600