Journal worksheet part 1 and 2

Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.) On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $26,500 Accounts Receivable 49,000 Allowance for Uncollectible Accounts $5,600 Inventory 21,400 Land 60,000 Equipment 22,000 Accumulated Depreciation 2,900 Accounts Payable 29,900 Notes Payable (6%, due April 1, 2025) 64,000 Common Stock 49,000 Retained Earnings 27,500 Totals $178,900 $178,900 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $10,880. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $149,000. All of these sales are on account. The cost of the units sold is $80,800. January 23 Receive $126,800 from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Write off account receivable as uncollectible, $6,200. January 30 Firework sales for the second half of the month total $157,000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500. January 31 Pay cash for monthly salaries, $53,400. Exercise 8-19 (Algo) Part 1 Required: 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 1 5 6 7 8 9 10 > Record sale of gift cards totaling $10,800. The cards are redeemable for merchandise within one year of the purchase date. Note: Enter debits before credits General Journal Debit Credit Date January 02 Cash Record entry Clear entry View general journal Exercise 8-19 (Algo) Part 2 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 $4,600 and a two-year service life. The company records an adjusting entry for $13,560 for estimated future uncollectible accounts. The company has accrued interest on notes payable for January The company has accrued income taxes at the end of January of $14,400. By the end of January, $4.400 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). 2. Record the adjusting entries on January 31 for the above transactions, (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 The company has accrued interest on notes payable for January Note: Enter debits before credits. General Journal Debit Credit Date January 31