Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, 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. ACME uses the perpetual inventory system. 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, 2024. \begin{tabular}{|c|c|c|} \hline Accumulated Depreciation & & \\ \hline Accounts Payable & & \\ \hline Notes Payable & & \\ \hline Common Stock & & \\ \hline Retained Earnings & & \\ \hline Interest Payable & & \\ \hline nterest Expense & & \\ \hline Sales Revenue & & \\ \hline Cost of Goods Sold & & \\ \hline Salaries Expense & & \\ \hline ncome Tax Expense & & \\ \hline Deferred Revenue & & \\ \hline Depreciation Expense & & \\ \hline Bad Debt Expense & & \\ \hliner & & \\ \hline Totals & $23,000 & $ \\ \hline \end{tabular} Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, 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. ACME uses the perpetual inventory system. 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, 2024. \begin{tabular}{|c|c|c|} \hline Accumulated Depreciation & & \\ \hline Accounts Payable & & \\ \hline Notes Payable & & \\ \hline Common Stock & & \\ \hline Retained Earnings & & \\ \hline Interest Payable & & \\ \hline nterest Expense & & \\ \hline Sales Revenue & & \\ \hline Cost of Goods Sold & & \\ \hline Salaries Expense & & \\ \hline ncome Tax Expense & & \\ \hline Deferred Revenue & & \\ \hline Depreciation Expense & & \\ \hline Bad Debt Expense & & \\ \hliner & & \\ \hline Totals & $23,000 & $ \\ \hline \end{tabular}