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On January 1 , 2 0 2 4 , the general ledger of TNT Fireworks includes the following account balances: table [ [ Accounts
On January the general ledger of TNT Fireworks includes the following account balances:
tableAccountsDebit,CreditCashAccounts Receivable,Allowance for Uncollectible Accounts,,InventoryNotes Receivable due in years
The following information is available on January
a Depreciation on the equipment for the month of January is calculated using the straightline method.
b The company records an adjusting entry for $ for estimated future uncollectible accounts.
c The company has accrued interest on notes receivable for January.
d Unpaid salaries owed to employees at the end of January are $
e The company accrued income taxes at the end of January $
tableRequirementtableGeneralJournaltableGeneralLedgerTrial Balance,tableIncomeStatementBalance Sheet,Analysis
Record each of the transactions listed above in the 'General Journal' tab these are shown as items to assuming a FIFO perpetual inventory system. The transaction on January 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.
Record adjusting entries on January in the 'General Journal' tab these are shown as items to
Review the adjusted 'Trial Balance' as of January in the 'Trial Balance' tab.
Prepare a multiplestep income statement for the period ended January in the 'Income Statement' tab.
Prepare a classified balance sheet as of January in the 'Balance Sheet' tab.
Record the closing entries in the 'General Journal' tab these are shown as items and
Using the information from the requirements above, complete the 'Analysis' tab.
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