On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit $ 23,300 40,000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (68, due in 3 years) Common Stock $ 4,500 37,000 72,100 28,900 37,000 63,000 39-000 $172,400 $172,400 Totals The $37000 beginning balance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,600 units for $168,000 on account ($105 each) January 8 Purchase 1,700 units for $187,000 on account ($110 each) January 12 Purchase 1,800 units for $207,000 on account ($115 each) January 15 Return 135 of the units purchased on January 12 because of defects January 19 Sell 5,200 units on account for $780,000 The cost of the units sold is determined using a FIFO perpetual inventory syste January 22 Receive $753,000 fron customers on accounts receivable January 24 Pay $520,000 to inventory suppliers on accounts payable January 27 Write off accounts receivable as uncollectible, $3,200 January 31 Pay cash for salaries during January, $121,000 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. 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 $4,700 of accounts receivable on January 31 are past due, and 35% 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 $13,000. General Trial Balance Statement Requirement General Statement Balance Sheet Analysis 1. 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. 2. 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, 2021, in the Trial Balance tab 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15 and 16). 7. Using the information from the requirements above, complete the 'Analysis tab General Journal > RequirementGeneral GeneralTrial Balance Statement Income Balance SheetAnalysis Journal Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal in the first account field.) View transaction list Journal entry worksheet 4 16 Record purchase of 1,600 units for $168,000 on account ($105 each) Note: Enter debits before credits. Date Account Title Debit Credit Jan 03 Record entry Clear entry View general journal Requirement ournal -.Trial Balance Statement Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted General Ledger Account Accounts Receivable Date Debit Credit Date Debit Credit Jan 01 23,300 40,000 Allowance for Uncollectible Accounts Debit Credit Debit Credit 4,500 Jan 01 37,000 Accounts Payable Debit Credit Balance Debit Credit Balance Jan 01 72.100 28,900 Notes Payable Common Stock Debit Credit Credit 37,000 Retained Earnings Debit Credit Balance 39,000 Requirement Ledger Trial Balance statement Balance Sheet Analysis ournal 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. Unadjusted Big Blast Fireworks Trial Balance January 31, 2021 Account Title Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts 23,300 40,000 4,500 37,000 Land Accounts Payable Notes Payable Common Stock Retained Eamings 72,100 28,900 37,000 63.000 39,000 172,400 Total 172,400 General Ledger Income Statement at the end of January are 18,00O, GeneralTrial BalanceStatement Ledger General Income Requirement Journal Sheet Analysis Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Big Blast Fireworks Multiple-Step Income Statement For the year ended January 31, 2021 Gross Profit Total Operating Expenses Operating Income Income Before Taxes Trial Balance Balance Sheet> General Trial Balance statement Requirement General Statement Balance Set Analysis Journal Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Unadjusted Big Blast Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Total Liabilities Long-term Assets Stockholders' Equity Total Stockholders' Equity Total Liabilities&Stockholders' Equity Total Assets On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit $ 23,300 40,000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (68, due in 3 years) Common Stock $ 4,500 37,000 72,100 28,900 37,000 63,000 39-000 $172,400 $172,400 Totals The $37000 beginning balance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,600 units for $168,000 on account ($105 each) January 8 Purchase 1,700 units for $187,000 on account ($110 each) January 12 Purchase 1,800 units for $207,000 on account ($115 each) January 15 Return 135 of the units purchased on January 12 because of defects January 19 Sell 5,200 units on account for $780,000 The cost of the units sold is determined using a FIFO perpetual inventory syste January 22 Receive $753,000 fron customers on accounts receivable January 24 Pay $520,000 to inventory suppliers on accounts payable January 27 Write off accounts receivable as uncollectible, $3,200 January 31 Pay cash for salaries during January, $121,000 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. 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 $4,700 of accounts receivable on January 31 are past due, and 35% 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 $13,000. General Trial Balance Statement Requirement General Statement Balance Sheet Analysis 1. 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. 2. 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, 2021, in the Trial Balance tab 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15 and 16). 7. Using the information from the requirements above, complete the 'Analysis tab General Journal > RequirementGeneral GeneralTrial Balance Statement Income Balance SheetAnalysis Journal Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal in the first account field.) View transaction list Journal entry worksheet 4 16 Record purchase of 1,600 units for $168,000 on account ($105 each) Note: Enter debits before credits. Date Account Title Debit Credit Jan 03 Record entry Clear entry View general journal Requirement ournal -.Trial Balance Statement Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted General Ledger Account Accounts Receivable Date Debit Credit Date Debit Credit Jan 01 23,300 40,000 Allowance for Uncollectible Accounts Debit Credit Debit Credit 4,500 Jan 01 37,000 Accounts Payable Debit Credit Balance Debit Credit Balance Jan 01 72.100 28,900 Notes Payable Common Stock Debit Credit Credit 37,000 Retained Earnings Debit Credit Balance 39,000 Requirement Ledger Trial Balance statement Balance Sheet Analysis ournal 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. Unadjusted Big Blast Fireworks Trial Balance January 31, 2021 Account Title Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts 23,300 40,000 4,500 37,000 Land Accounts Payable Notes Payable Common Stock Retained Eamings 72,100 28,900 37,000 63.000 39,000 172,400 Total 172,400 General Ledger Income Statement at the end of January are 18,00O, GeneralTrial BalanceStatement Ledger General Income Requirement Journal Sheet Analysis Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Big Blast Fireworks Multiple-Step Income Statement For the year ended January 31, 2021 Gross Profit Total Operating Expenses Operating Income Income Before Taxes Trial Balance Balance Sheet> General Trial Balance statement Requirement General Statement Balance Set Analysis Journal Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Unadjusted Big Blast Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Total Liabilities Long-term Assets Stockholders' Equity Total Stockholders' Equity Total Liabilities&Stockholders' Equity Total Assets