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need help with all questions On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: During January 2024 , the
need help with all questions
On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 1 purchase equipment for $19,900. The coopany estimates a residual value of $1,900 and a fivo-year service January 4 Pay cash on account payable, $9,900. January 8 Purchase additional inventory on account, $86,900. January 15 Receive cash on accounte receivable, $22,400. January 19 Pay cash for salaries, $30,200. January 28 Pay cash for January utilities, $16,900. January 30 Firework galen for January total $224,000. A11 of thene sales are on account. The cost of the units sold is The following information is available on January 31,2024. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $5,820 for estimated future uncollectible accounts. c. The company has accrued interest on notes recelvable for January. d. Unpaid salaries owed to employees at the end of January are $33,000. e. The company accrued income taxes at the end of January $9,400. The following information is available on January 31,2024. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $5,820 for estimated future uncollectible accounts. c. The company has acctued interest on notes receivable for January. d. Unpaid salaries owed to employees at the end of January are $33,000. e. The company accrued income taxes at the end of January $9,400. 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 9 to 13). 3. Review the adjusted 'Trial Balance' as of January 31,2024 , in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31,2024 , in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31,2024 , in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 14 and 15). 7. Using the information from the requirements above, complete the 'Analysis' tab Step by Step Solution
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