On January 1, 2018, the general ledger of Big Biast Flreworks includes the following account balances: The $32.000 beginning balance of inventory consists of 320 units, each costing $100. Dunng January 2018, Big Blast flreworks had the following inventory transactions: 3anuary 3 marchase 1,100 units for 1117 , 7ea on account (\$1e7 each). January s purchase 1,200 units for $134,40 on account ($112 eacb ). January 12 purchsse 1 , 100 units for. 5152 , 1ed on account (S117 each) . 3aniary is Returti 110 of the units purchases on Janoary 12 becsuse of defects. syiteen. Pandary 22 -kecelve 1533 , ese frcm custoners on accounts recelvable. Janusey 24 Fay $363,000 to ifventory suppliers on accounts ghysble. 3hasfy: 27 arite off accounts recelvable as uncollectible, 32, 700. January 31Ph ) cash for salartes during Janiry, 5116 , e00. The followeng unformation is avaloble on January 31, 2018 a. At the end of January, the company estmates that the remaining unts of inventory are expected to seb in February for only 5100 each. b. At the end of January, $4,200 of accounts receivable are past due, and the company estimates that 404 of these accounts will not be collected. Of the remaining accounts recevable, the company erumates that 5% win not be cosected. C. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. d. Accrued income taxes at the end of january bre $12.500 1. Record each of the transactions listed abse in the "General Joumal' tab (these are shown as aems 110 ) assuming a nfo perpetual inventory system. Revew the 'Ceneral Ledoer' and the 'trial Balance' tabe to sce the effect of the transactions on the accourt balances. 2. Recoed adjusting entries on lanuary 31. in the 'Generat lournar tob (these are shown as items 11-14). 3. Review the adjusted Thal Balance' as of Jacuary 31, 2018, in the Tral Balance' tab. 4. Prepare a muliple-step income statement for the penod ended January 31,2018 , in the 'Income stetement' tab. 5. Prepare a dasefied balance sheet as of january 31, 2016, in the 'Balance 5heet' tab. 6. Record the dosing entries in the General zournal' tab (thece are shown as items 15-17). 7. Using the information from the requirements above, complete the 'Mralysia' tab. On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: The $32,000 beginning balance of inventory consists of 320 units, each costing $100. During January 2018 , Big 81ast Fireworks had the following inventory transactions: January 3. Purchase 1,100 units for $117,700 on account ($107 each). Jandary Purchase 1,200 units for $114,400 on account ( $112 each). January 12. Puechase 1,300 units for $152,100 on accotant (\$117 each). January 15 : teturn 110 of the units purchased on January 12 because of defects. January 19 sell 3,700 units on account for \$55s, est. The cost of the units sold is deteraifed using ai Hro perpetual inventory systen. January 22 Recelve $533, e0e fron custoeers on accounts recelvable. 3anuary 24 Pay $361, 000 to 1nventory suppliers on accounts payable. january: 27 write off accounts recelvable as uncollectible, 9, 700, January 71 Pay cash for salaries turing january, 5116,000 . The following information ts avaitable on January 31, 2018. a. At the end of Jonuary, the company estimotes that the remaining units of inventory are expected to seli in February for only $100 each. b. At the end of January. $4,200 of accounts receivable are past due, and the company estimates that 40% of these accounts will not be collected. Of the remaining accounts recetvable, the company estimates that 5% will not be collected. c. Accrued interest expense on notes payable for Jonuary. Interest is expected to be paid each December 31 . d. Accrued income taxes at the end of January are $12.500. Record each of the transactions listed above in the "General Joumal' tab (these are shown as items 110 ) astuming a fifo perpetual inventory system. 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 31. in the 'General Joumal' tab (these are shown as items 11-14). Record the dosing entries in the "General Journal' tab (these are shown as items 15-17). (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) On january 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: The $32,000 beginning balance of inventory consists of 320 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: d. Accrued income taxes at the end of January are $12,500 Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted or post-closing balances