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On January 1 , 2 0 2 4 , the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $
On January the general ledger of ACME Fireworks includes the following account balances:
Accounts Debit Credit
Cash $
Accounts Receivable
Allowance for Uncollectible Accounts $
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable due April
Common Stock
Retained Earnings
Totals $ $
During January the following transactions occur:
January Sold gift cards totaling $ The cards are redeemable for merchandise within one year of the purchase date.
January Purchase additional inventory on account, $ ACME uses the perpetual inventory system.
January Firework sales for the first half of the month total $ All of these sales are on account. The cost of the units sold is $
January Receive $ from customers on accounts receivable.
January Pay $ to inventory suppliers on accounts payable.
January Write off accounts receivable as uncollectible, $
January Firework sales for the second half of the month total $ Sales include $ for cash and $ on account. The cost of the units sold is $
January Pay cash for monthly salaries, $
Prepare a multiplestep income statement for the period ended January
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