On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	27,000
Accounts Receivable		50,000
Allowance for Uncollectible Accounts					$	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.

3. Prepare an adjusted trial balance as of January 31, 2021. X Answer is not complete. Credit 12,800 x ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Cash $ 122,200 X Accounts Receivable 222.000 Allowance for Uncollectible Accounts Inventory 124,600 X Land 65,000 Equipment 24,500 Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Revenue Deferred Revenue Salaries Expense 53,900 Bad Debt Expense 6,700 X Cost of Goods Sold 172,300 Interest Expense 345 Interest Payable | 999999999999999999 3,400 X 323,700 X 69,000 54,000 25,500 316,000 11,800 X 345 4. Prepare a multiple-step income statement for the period ended January 31, 2021. ACME FIREWORKS Income Statement For the year ended January 31, 2021 Total operating expenses 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Less: Allowance for Uncollectible Accounts Total Current Assets Total Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021 Record entry Clear entry View general journal Journal entry worksheet