I'm on required part 2. I was able to get most of the gernal journal tab names but am struggling with the debit and credit portion. Heres all the info I have correct so far.

unt of the impairment loss, if any. 2. Repeat requirement 1 assuming that the estimated total future cash flows are $10 million and the fair value is $8.2 million. ccounting -term ns balances: E"-21 On January 1, 2021, the general ledger of TNT Fireworks includes the following account Accounts Cash Debit Credit Accounts Receivable $ 58,700 Allowance for Uncollectible Accounts 25,000 Inventory $ 2,200 Land Notes Receivable (5%, due in 2 years) 36,300 12,000 Accounts Payable 155,000 Common Stock 14,800 220,000 Retained Earnings 50,000 Totals $287,000 $287,000 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500 and a five-year service life. January 4 Pay cash on accounts payable, $9,500. January 8 Purchase additional inventory on account, $82,900. Inl sonsledCHAPTER 7 Long-Term Assets 385 January 15 January 19 Receive cash on accounts receivable, $22,000 January 28 Pay cash for salaries, $29,800. January 30 Pay cash for January utilities, $16,500. Firework sales for January total $220,000. All of these sales are on account. The cost of the units sold is $115,000. Required: 1. Record each of the transactions listed above. 2. Record adjusting entries on January 31. a. Depreciation on the equipment for the month of January is calculated using the straight- line method. b. At the end of January, $3,000 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 3% will not be collected. The note receivable of $12,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. c. Accrued interest revenue on notes receivable for January. d. Unpaid salaries at the end of January are $32,600. e. Accrued income taxes at the end of January are $9,000. 3. Prepare an adjusted trial balance as of January 31, 2021, after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). 4. Prepare a multiple-step income statement for the period ended January 31, 2021. 5. Prepare a classified balance sheet as of January 31, 2021. 6. Record closing entries. 7. Analyze how well TNT Fireworks manages its assets: a. Calculate the return on assets ratio for the month of January. If the average return on assets for the industry in January is 2%, is the company more or less profitable than other companies in the same industry? b. Calculate the profit margin for the month of January. If the industry average profit margin is 4%, is the company more or less efficient at converting sales to profit than other companies in the same industry? c. Calculate the asset turnover ratio for the month of January. If the industry average asset turnover is 0.5 times per month, is the company more or less efficient at producing revenues with its assets than other companies in the same industry?10.5009 22,000 29.800 220,000 115,000 9 82.800 19.500 Cre 10,500 9.500 1 22,000 115,000 29,800 18,500 220,000 82.900 Check my work mode : This shows what Is correct or Incorrect for the work you 10 Receivable Accounts Payable Sales Revenue Accounts Receivable Cost of Goods Sold Accounts Re Accounts Payable Salaries Expense Utilities Expense Inventory Cash Cash Equipment Cast Inventory Dat lanvery 01 January 0q January 19 January 15 January 28 January 30 January 20acti 32.600 Credit 9.000 32.900 Saved PNC Personal Banking aes PNC Student Loan he adjusting entries on January 31 for the above transactions. (If no entry Is required for a particu Allowance for Uncollectible Accounts City Federal Cre @ FabFitFun A mygreatlakes.org Income Tax Payable Depreciation Expense Income Tax Expense Interest Receivable Accumulated Bad Debt Expense Journal Entry Required" In the first account field.) View journal entry worksheet Interest Revenue Salaries Expense January 31 January 31 January 3 January 31 January 3 saction list