On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (9%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 25,900 46,500 $ 4,300 50,000 91,600 25, 200 50,000 76,000 58,500 $214,000 $214,000 The $50,000 beginning balance of inventory consists of 500 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1, 850 units for $209, 050 on account ($113 each). January 8 Purchase 1,950 units for $230, 100 on account ($118 each). January 12 Purchase 2,050 units for $252, 150 on account ($123 each). January 15 Return 200 of the units purchased on January 12 because of defects. January 19 Sell 6,000 units on account for $900,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $881,000 from customers on accounts receivable. January 24 Pay $650,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,900. January 31 Pay cash for salaries during January, $139,000. 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. The company estimates future uncollectible accounts. The company determines $6,000 of accounts receivable on January 31 are past due, and 40% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) 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 $14,300. Required: 1. Record each of the transactions listed above, assuming a FIFO perpetual inventory system. (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 8 9 10 > Record the cost of inventory sold. Note: Enter debits before credits. Debit Credit Date General Journal January 19 Cost of goods sold Inventory Record entry Clear entry View general journal