On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: $ 2), 100 39,500 Accounts Receivable Allowance for Uncollectible ecounts Inventory 300 36.000 70.600 Accounts Payable Notes Payable (81, due in 3 years) Common Stock Ratained Earnings Totals 29.000 36.000 62.000 37.500 $169,200 $169,200 The $36,000 beginning balance of inventory consists of 360 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,500 units for $156,000 on account ($104 each). January Purchase 1,600 unite for $174.400 on account ($109 each). January 12 Purchase 1.700 units for $193,800 on account ($114 each). January 15 Return 130 of the unite purchased on January 12 because of defects January 19 Sell 4.900 units on account for $35.000. The cost of the units sold to determined using a FIFO perpetual Inventory system. January 22 Receive 9709.000 free customers accounts receivable. Sary 24 Pay 500,000 to inventory suppliers accounts payable January 27 write of accounts receivable as collectible, 5), 100. January 31 Pay cash for salaries during Jary. 120.000 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 $4,600 of accounts receivable are past due, and the company estimates that 30% 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 $12.900 On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: $ 2), 100 39,500 Accounts Receivable Allowance for Uncollectible ecounts Inventory 300 36.000 70.600 Accounts Payable Notes Payable (81, due in 3 years) Common Stock Ratained Earnings Totals 29.000 36.000 62.000 37.500 $169,200 $169,200 The $36,000 beginning balance of inventory consists of 360 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,500 units for $156,000 on account ($104 each). January Purchase 1,600 unite for $174.400 on account ($109 each). January 12 Purchase 1.700 units for $193,800 on account ($114 each). January 15 Return 130 of the unite purchased on January 12 because of defects January 19 Sell 4.900 units on account for $35.000. The cost of the units sold to determined using a FIFO perpetual Inventory system. January 22 Receive 9709.000 free customers accounts receivable. Sary 24 Pay 500,000 to inventory suppliers accounts payable January 27 write of accounts receivable as collectible, 5), 100. January 31 Pay cash for salaries during Jary. 120.000 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 $4,600 of accounts receivable are past due, and the company estimates that 30% 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 $12.900
