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IThe following information applies to the questions displayed belowj On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances Accounts
IThe following information applies to the questions displayed belowj On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances Accounts Debit Credit 25,800 Cash 47,600 Accounts Receivable 4,900 Allowance for Uncollectible Accounts Inventory 20,700 53,000 Land Equipment 18,500 Accumulated Depreciation 2,200 29,200 Accounts Payable Notes Payable (6%, due April 1, 2019) 57000 42,000 Common Stock 30,300 Retained Earnings Totals $165,600 $165,600 During January 2018, the following transactions occur: January 2. Sold gift cards totaling $9,400. The cards are redeemable for merchandise within one year of the purchase date. January 6. Purchase additional inventory on account, $154,000 January 15. Firework sales for the first half of the month total $142,000. All of these sales are on account. The cost of the units sold is $77,300. January 23. Receive $126.100 from customers on accounts receivable. January 25. Pay $97,000 to inventory suppliers on accounts payable. January 28. Write off accounts receivable as uncollectible, $5,500. January 30. Firework sales for the second half of the month total $150,000. Sales include $15,000 for cash and $135,000 on account. The cost of the units sold is $83,000. January 31. Pay cash for monthly salaries, $52,700
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