On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:

Accounts Debit Credit

Cash $ 26,700

Accounts Receivable 49,400 Allowance for Uncollectible Accounts $ 5,800

Inventory 21,600

Land 62,000

Equipment 23,000 Accumulated Depreciation 3,100

Accounts Payable 30,100

Notes Payable (6%, due April 1, 2019) 66,000

Common Stock 51,000

Retained Earnings 26,700

Totals $ 182,700 $ 182,700

During January 2018, the following transactions occur:

January 2. Sold gift cards totaling $11,200. The cards are redeemable for merchandise within one year of the purchase date.

January 6. Purchase additional inventory on account, $163,000.

January 15. Firework sales for the first half of the month total $151,000. All of these sales are on account. The cost of the units sold is $81,800.

January 23. Receive $127,000 from customers on accounts receivable.

January 25. Pay $106,000 to inventory suppliers on accounts payable.

January 28. Write off accounts receivable as uncollectible, $6,400.

January 30. Firework sales for the second half of the month total $159,000. Sales include $13,000 for cash and $146,000 on account. The cost of the units sold is $87,500.

January 31. Pay cash for monthly salaries, $53,600.

RECORD JOURNAL ENTRY