Credit Debit $ 25,600 47,200 $ 4,700 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 20,500 51,000 17,500 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 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 $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500. 3. Prepare an adjusted trial balance as of January 31, 2021. Credit 2,600 86,000 ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Cash $ 23,000 Accounts Receivable I 194,000 Inventory 14,200 Land 51,000 Equipment 17,500 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Deferred Revenue Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense 52,500 Bad Debt Expense Depreciation Expense 600 Interest Expense Income Tax Expense Totals $ 353,075 275 40,000 275 $ 128,875