I need help with the general journal and recording the entry to close the revenue AND expense account

Mc Graw Education connect 5. Award: 4.00 points cancel print On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Debit Credit $26,400 Accounts Receivable 48,800 Allowance for Uncollectible Accounts $5,500 Inventory 21,300 Land 59,000 Equipment 21,500 Accumulated Depreciation 2,800 Accounts Payable 29,800 Notes Payable (6%, due April 1, 2025) 63,000 Common Stock 48,000 Retained Earnings 27,900 Totals $177,000 $177,000 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $10,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $160,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $148,000. All of these sales are on account. The cost of the units sold is $80,300. January 23 Receive $126,700 from customers on accounts receivable. January 25 Pay $103,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,100. January 30 Firework sales for the second half of the month total $156,000. Sales include $15,000 for cash and $141,000 on account. The cost of the units sold is $86,000. January 31 Pay cash for monthly salaries, $53,300. The following information is available on January 31. a. 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 $4,700 and a two-year service life. b. The company records an adjusting entry for $16,850 for estimated future uncollectible accounts. c. The company has accrued interest on notes payable for January. d. The company has accrued income taxes at the end of January of $14,300. e. By the end of January, $4,300 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for 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 1 Date January 02 2 January 06 General Journal Debit Credit Cash 10,600 Inventory Accounts Payable 160,000 160,000 3 January 15 Accounts Receivable 148,000 Sales Revenue 148,000 4 January 15 Cost of Goods Sold 80,300 Inventory 80,300 5 January 23 6 January 25 Cash 126,700 Accounts Receivable 126,700 Accounts Payable 103,000 Cash 103,000 7 January 28 Allowance for Uncollectible Accounts 6,100 Accounts Receivable 6,100 8 January 30 Cash Accounts Receivable 15,000 141,000 Sales Revenue 156,000 9 January 30 Cost of Goods Sold 86,000 Inventory 86,000 10 January 31 11 January 31 Salaries Expense 53,300 Cash 53,300 Depreciation Expense Accumulated Depreciation 700 700 12 January 31 Bad Debt Expense 16,850 Allowance for Uncollectible Accounts 16,850 13 January 31 Interest Expense Interest Payable 315 315 14 January 31 Income Tax Expense Income Tax Payable 14,300 14,300 15 January 31 Deferred Revenue Sales Revenue 4,300 4,300 16 January 31 References < Requirement General Ledger Learning Objective: 08-01 Distinguish between current and long-term liabilities. Difficulty: 2 Medium Accounts Receivable General Ledger Learning Objective: 08-04 Explain the accounting for other current liabilities. Learning Objective: 08-02 Account for notes payable and interest expense. Learning Objective: 08-06 Assess liquidity using current liability ratios. 2023 McGraw-Hill Education. All rights reserved. Show less