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Return to question Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Account Debit Credit Cash 3 26,600 Account Receivable 49,200 Allowance for collectible Account 15.100 Inventory 21,500 Land 61,000 Equipment 22,500 Accumulated Depreciation 3,000 Accounts Payable 30,000 Notes Payable (64, due April 1. 2017) 65,000 Common Stock 50,000 Retained Earnings 27.100 Total $180,000 $100,00 During January 2021, the following transactions occur. January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional Inventory an account, $162,000. January 15 Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold Le 581,300. Janoary 23 Receive $126,900 from customers on accounts receivable. Jury 25 May $105,000 to Inventory suppliers on accounts payable January 28 Write ott accounts receivable as uncollectible, 56,100. January 30 Tirework sales for the second half of the month total $153,000. Sales Include $14,000 for cash and $144,000 on account. The cost of the units sold in 187,000. January 11 Pay cash for monthly salaries. $53,500. Pro 67 11: Next > January 6 Parehase additional inventory on account, $162,000. January 15 Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to inventory suppliers on accounts payable. January 28 Write oft accounts receivable as uncollectible, $6,300. January 30 Tiawork als for the second half of the month total $150,000. tales inelude $14,000 for cash and $144,000 on account. The cont of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No General Journal Debit Credit 1 Date January 31, 2021 Sales Revenue Retained Earnings Olo 312,500 312,500 2 January 31, 2021 Retained Earnings Depreciation Expense Bad Debt Expense Salaries Expense Interest Expense Income Tax Expense OOOOOO 312,500 750 15,760 53,500 325 14,500 D 1