Journal entry worksheet 1 2 3 4 5 The company estimates future uncollectible accounts. The company determines $31,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts Note: Enter debits before credits. Date January 31 General Journal Bad Debt Expense Allowance for Uncollectible Accounts Debit Credit Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (68, due April 1, 2022) Common Stock Retained Earnings Totals 66,000 25,000 3,500 30,500 70,000 55,000 25,100 $190,300 $190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $33,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,800. January 30 Firework sales for the second half of the month total $163,000. Sales include $17,000 for cash and $146,000 on account. The cost of the units sold is $89,500. January 31 Pay cash for monthly salaries, $54,000. Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2,8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following accoun balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (68, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 27,100 Credit 50,200 $ 6,200 22,000 66,000 25,000 3,500 30,500 70,000 55,000 25,100 $190,300 $190,300