Journal entry worksheet

On January 1, 2024, the general ledger ot TNT Flreworks Includes the tollowlng account balances: 162, aee 227,ee Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Conmon Stock Retained Earnings Totals Debit se,4e 26 , 37 , aee 3s,2e Credit 2, gee IS, see 59 , see S 30s, zee Durlng January 2024, the tollowlng transactions occur: January January January January January January January Purchase equipnent for 520, 20. The company estimates a residual value of S2,2ea and a six-year service life. 4 IS 19 28 cash on accounts payable, Sle, Purchase additional inventory on account, S89,g. Receive cash on accounts receivable, S22, 7ea. cash for salaries, 530, See. Pay cash for January utilities, $17,200. Firework sales for January total $227,000. All of these sales are on account. The cost of the units sold is $118, Sea. The tollowlng Intormatlon Is avallable on January 31, 2024. e. Depreclatlon on the equlpment tor the month of January Is calculated uslng the stralgnt-llne method. b. The company records an adjusting entry tor $3,490 for estlmated future uncollectlle accounts. The company nas accrued Interest on notes recelvale for January. d. Unpaid salaries owed to employees at the end ot January are $33,300 e. The company accrued Income taxes at the end ot January $9,700 Requirement General Journal General Trial Balance Ledger Income Balance Sheet Ana lysis Statem ent 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 8) assuming a FIFO perpetual inventory system. The transaction on January 30 requires two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31 in the 'General Journal' tab (these are shown as items g to 13). 3. Review the adjusted 'Trial Balance' as of January 31, 2024, in the 'Trial Balance' tab. Prepare a multiple-step income statement for the period ended January 31, 2024, in the 'Income Statement' tab. 4. 5. Prepare a classified balance sheet as of January 31, 2024, in the 'Balance Sheet' tab. Record the closing entries in the 'General Journal' tab (these are shown as items 14 and 15). 5. using the information from the requirements above, complete the 'Analysis' tab. 7.