On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Need help with journal entries and balance sheet and income statement

On January 1, 2021, the general ledger of Big Blast Fireworks included the following account balances: Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Land Accounts payable Notes payable (6%, due in 3 years) Common stock Retained earnings Totals Debit Credit $ 22,100 37,000 3,300 31,000 63,100 31,900 31,000 57,000 30,000 $153,200 $153,200 The $31,000 beginning balance of inventory consists of 310 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchased 1,000 units for $106,000 on account ($106 each). January 8 Purchased 1, 100 units for $122, 100 on account ($111 each). January 12 Purchased 1, 200 units for $139,200 on January 15 Returned 105 of the units purchased on January 12 because of defects. January 19 Sold 3,400 units on account for $544,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Received $489,000 from customers on accounts receivable. January 24 Paid $319,000 to inventory suppliers on accounts payable. January 27 Wrote off accounts receivable as uncollectible, $2,600. January 31 Paid cash for salaries during January, $115,000. The following information is available on January 31, 2021. 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, $4,100 of accounts receivable are past due, and the company estimates that 45% 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 $12,400. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list