On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Debit $ 27,000 Credit Accounts Receivable Allowance for Uncollectible Accounts 50,000 $ 6,100 Inventory 21,900 Land 65,000 Equipment 24,500 Accumulated Depreciation 3,400 Accounts Payable 30,400 Notes Payable (6%, due April 1, 2022) 69,000 Common Stock 54,000 Retained Earnings 25,500 Totals $188,400 $188,400 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $166,000. January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account. The cost of the units sold is $83,300. January 23 Receive $127,300 from customers on accounts receivable. January 25 Pay $109,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,700. January 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and $152,000 on account. The cost of the units sold is $89,000. January 31 Pay cash for monthly salaries, $53,900. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the closing entry for revenue accounts. Note: Enter debits before credits. Date January 31, 2021 General Journal Debit Credit