On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances Accounts Debit Credit Cash $ 25,500 Accounts Receivable 47,000 Allowance for Uncollectible Accounts $ 4,600 Inventory 20,400 Land 50,000 Equipment 17,000 Accumulated Depreciation 1,900 Accounts Payable 28,900 Notes Payable (6 , due April 1, 2019) 54,000 Common Stock 39,000 Retained Earnings 31,500 Totals $ 159,900 $ 159,900 During January 2018, the following transactions occur January 2 Sold gift cards totaling $8,800 The cards are redeemable for merchandise within one year of the purchase date January 6 Purchase additional inventory on account, $151,000 January 15 Firework sales for the first half of the month total $139,000 All of these sales are on account The cost of the units sold is $75,800 January 23 Receive $125,800 from customers on accounts receivable January 25 Pay $94,000 to inventory suppliers on accounts payable January 28 Write off accounts receivable as uncollectible, $5,200 January 30 Firework sales for the second half of the month total $147,000 Sales include $12,000 for cash and $135,000 on account The cost of the units sold is $81,500 January 31 Pay cash for monthly salaries, $52,400 1 Required information 1 Record each of the transactions listed above (If no entry is required for a transaction event, select No journal entry required in the first account field ) 2 Required information 1 Depreciation on the equipment for the month of January is calculated using the straight line method At the time the equipment was purchased, the company estimated a residual value of $3,800 and a two year service life 2 At the end of January, $15,000 of accounts receivable are past due, and the company estimates that 30 of these accounts will not be collected Of the remaining accounts receivable, the company estimates that 3 will not be collected 3 Accrued interest expense on notes payable for January 4 Accrued income taxes at the end of January are $13,400 5 By the end of January, $3,400 of the gift cards sold on January 2 have been redeemed 2 Record the adjusting entries on January 31 for the above transactions (If no entry is required for a transaction event, select No journal entry required in the first account field ) 3 Required information 3 Prepare an adjusted trial balance as of January 31, 2018 4 Required information 4 Prepare a multiple step income statement for the period ended January 31, 2018 5 Required information 5 Prepare a classified balance sheet as of January 31, 2018 (Enter the Asset Accounts in order of liquidity Amounts to be deducted should be indicated with a minus sign ) 6 Required information 6 Record closing entries (If no entry is required for a transaction event, select No journal entry required in the first account field )

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On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,500 Accounts Receivable 47,000 Allowance

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

Accounts	Debit		Credit
Cash	$	25,500
Accounts Receivable		47,000
Allowance for Uncollectible Accounts			$	4,600
Inventory		20,400
Land		50,000
Equipment		17,000
Accumulated Depreciation				1,900
Accounts Payable				28,900
Notes Payable (6%, due April 1, 2019)				54,000
Common Stock				39,000
Retained Earnings				31,500

Totals	$	159,900	$	159,900

During January 2018, the following transactions occur: January 2. Sold gift cards totaling $8,800. The cards are redeemable for merchandise within one year of the purchase date. January 6. Purchase additional inventory on account, $151,000. January 15. Firework sales for the first half of the month total $139,000. All of these sales are on account. The cost of the units sold is $75,800. January 23. Receive $125,800 from customers on accounts receivable. January 25. Pay $94,000 to inventory suppliers on accounts payable. January 28. Write off accounts receivable as uncollectible, $5,200. January 30. Firework sales for the second half of the month total $147,000. Sales include $12,000 for cash and $135,000 on account. The cost of the units sold is $81,500. January 31. Pay cash for monthly salaries, $52,400.

Required information

1. Record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required information

1. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $3,800 and a two-year service life. 2. At the end of January, $15,000 of accounts receivable are past due, and the company estimates that 30% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 3% will not be collected. 3. Accrued interest expense on notes payable for January. 4. Accrued income taxes at the end of January are $13,400. 5. By the end of January, $3,400 of the gift cards sold on January 2 have been redeemed. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required information

3. Prepare an adjusted trial balance as of January 31, 2018.

Required information

4. Prepare a multiple-step income statement for the period ended January 31, 2018.

Required information

5. Prepare a classified balance sheet as of January 31, 2018. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.)

Required information

6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)