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my answers are incorrect i need to find correct numbers On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account
my answers are incorrect i need to find correct numbers On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:
Accounts | Debit | Credit |
---|---|---|
Cash | $24,100 | |
Accounts Receivable | 42,000 | |
Allowance for Uncollectible Accounts | $2,500 | |
Inventory | 41,000 | |
Land | 78,100 | |
Accounts Payable | 29,700 | |
Notes Payable (12%, due in 3 years) | 41,000 | |
Common Stock | 67,000 | |
Retained Earnings | 45,000 | |
Totals | $185,200 | $185,200 |
The $41,000 beginning balance of inventory consists of 410 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions:
January 3 | Purchase 2,000 units for $218,000 on account ($109 each). |
---|---|
January 8 | Purchase 2,100 units for $239,400 on account ($114 each). |
January 12 | Purchase 2,200 units for $261,800 on account ($119 each). |
January 15 | Return 155 of the units purchased on January 12 because of defects. |
January 19 | Sell 6,400 units on account for $960,000 The cost of the units sold is determined using a FIFO perpetual inventory system. |
January 22 | Receive $950,000 from customers on accounts receivable. |
January 24 | Pay $680,000 to inventory suppliers on accounts payable. |
January 27 | Write off accounts receivable as uncollectible, $2,000. |
January 31 | Pay cash for salaries during January, $125,000. |
The following information is available on January 31, 2024.
- At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.]
- The company records an adjusting entry for $3,785. for estimated future uncollectible accounts.
- The company accrues interest on notes payable for January. Interest is expected to be paid each December 31.
- The company accrues income taxes at the end of January of $13,400.
Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" n the first account field.) Journal entry worksheet At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. Record the adjusting entry for inventory. Note: Enter debits before credits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" n the first account field.) Journal entry worksheet 1234 7) 8 (16 > Record the cost of the units sold, which is determined using a FIFO perpetual inventory system. Note: Enter debits before credits
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