Question
During January 2018, the following transactions occur: January 2. Sold gift cards totaling $11,600. The cards are redeemable for merchandise within one year of the
During January 2018, the following transactions occur: January 2. Sold gift cards totaling $11,600. The cards are redeemable for merchandise within one year of the purchase date. January 6. Purchase additional inventory on account, $165,000. January 15. Firework sales for the first half of the month total $153,000. All of these sales are on account. The cost of the units sold is $82,800. January 23. Receive $127,200 from customers on accounts receivable. January 25. Pay $108,000 to inventory suppliers on accounts payable. January 28. Write off accounts receivable as uncollectible, $6,600. January 30. Firework sales for the second half of the month total $161,000. Sales include $18,000 for cash and $143,000 on account. The cost of the units sold is $88,500. January 31. Pay cash for monthly salaries, $53,800.
3. Prepare an adjusted trial balance as of January 31, 2018.
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