on january 1, 2018, the general ledger of big blast fireworks includes the following account balances:

record the 17 journal entries:

j/e #11-17:

11. record adjusting entry for inventory

12. record adjusting entry for uncollectible accounts

13. record the adjusting entry for interest

14. record the adjusting entry for income tax

15. record the closing entry for revenue

16. record the closing entry for expenses

17. record the closing entry for income summary

Accounts Cash Accounts Receivable Inventory Land Allowance for Uncollectible Accounts Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 25,700 46,000 49,000 90, 100 4,100 25,700 49,888 75,000 57,000 $210,800 $210,800 The $49,000 beginning balance of inventory consists of 490 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,750 units for $196,000 on account ($112 each). January 8 Purchase 1,850 units for $216,450 on account ($117 each). January 12 Purchase 1,950 units for $237,900 on account ($122 each). January 15 Return 195 of the units purchased on January 12 because of defects. January 19 Sell 5,700 units on account for $855,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $837,000 from customers on accounts receivable. January 24 Pay $620,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,800. January 31 Pay cash for salaries during January, $138,800. The following information is available on January 31, 2018 a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. At the end of January, $5.900 of accounts receivable are past due, and the company estimates that 35% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected 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 are $14,200. Require... General General Journal Ledger Trial Balance Income Balance Statem... Sheet Analysis Record each of the transactions listed above in the 'General Journal' tab these are shown as items 1 - 10) assuming 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 Journal' tab (these are shown as items 11-14). 3. Review the adjusted "Trial Balance' as of January 31, 2018, in the 'Trial Balance' tab. Prepare a multiple-step income statement for the period ended January 31, 2018, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2018, in the Balance Sheet' tab. Record the closing entries in the 'General Journal' tab (these are shown as items 154 6. 17) Require... General General Trial Income Balance Analysis Journal Ledger Balance Statem... Sheet Using the information from the requirements above, complete the 'Analysis'. (Enter your Inventory Turnover ra gross profit ratio value in one decimal place.) Analyze how well Big Blast Fireworks' manages its inventory (a) Calculate the inventory turnover ratio for the month of January. If the industry average of the inventory turnover ratio for the month of January is 17.5 times, is the company managing its inventory more or less efficiently than other companies in the same industry? The inventory turnover ratio is: times The company managing its inventory more efficiently. (True or False) (b) Calculate the gross profit ratio for the month of January. If the average gross profit ratio is 31%, is the company more or less profitable per dollar of sales than other companies in the same industry? The gross profit ratio is: Is the company more or less profitable per dollar of sales? (c) Used together, what might the inventory turnover ratio and gross profit ratio suggest about Big Blast Fireworks' business strategy? Is the company's strategy to sell a higher volume of less expensive items or does the company appear to be selling a lower volume of more expensive items? Based on the inventory turnover ratio and the gross profit ratio, Big Blast Fireworks business strategy appears to be selling a Require... General General Trial Income Balance Analysis | Journal Ledger Balance Statem... Sheet Review the adjusted Trial Balance' as of January 31, 2018. (Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Review the adjusted 'Trial Balance'as of January 31, 2018.) Show less Unadjust Big Blast Fireworks Trial Balance January 31, 2018 Account Title Debit Credit Cash 25,700 Accounts receivable 46,000 Allowance for uncollectible accounts 4,100 Inventory 49,000 Land 90,100 Accounts payable 25,700 Notes payable 49,000 Common stock 75,000 Retained earnings 57,000 Total $ 210,800 $ 210,800 Require.. General General Trial Income Balance Analysis Journal Ledger Balance Statem... Sheet Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted or post-closing balances. Unadjust General Ledger Account Cash Debit No. Date Dec 31 Credit No. Balance 25,700 Accounts receivable Date Debit Credit Dec 31 Balance 46,000 Allowance for uncollectible accounts No. Date Debit Credit Balance Dec 31 4,100 Inventory Debit Credit No. Date Dec 31 Balance 49,000 Land No. Date Dec 31 Debit Credit No. Balance 90,100 Accounts payable Date Debit Dec 31 1 25,700 Notes payable Debit Credit Common stock Debit Credit No. Date Dec 31 No. Balance 49,000 Date Dec 31 Balance 75,000 No. Retained earnings Date Debit Credit Balance Dec 31 57,000