On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 sold gift carda totaling $11,400. The cards are redeenable for merchandise within one year of the parchase date. January 6 Purchbse additional inventory on account, $164,000, AcMe uses the perpetual inventory system. January 15 Firmork sales for the first half of the month total $152,000. Ml1 of these salei are on account. The cost of the unita sold is $82,300. January 23 Receive $127,100 from customers on accounts receivable. January 25 Pay $107,000 to inventory supplieris on accountin payable. January 28 write off accounts receivable as uncollectible, $6,500. January 30 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and $149,000 on account. The cost of the units sold is $88,000. January 31 Pay cash for monthly salaries, $53,700. The following information is available on January 31. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,900 and a two-year service llfe. b. The company records an adjusting entry for $18,450 for estimated future uncollectible accounts. c. The company has accrued interest on notes payable for January. d. The company has accrued income taxes at the end of January of $14,700. e. By the end of January, $4,700 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold), a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment w purchased, the company estimated a residual value of $4,900 and a two-year service life. b. The company records an adjusting entry for $18,450 for estimated future uncollectible accounts. c. The company has accrued interest on notes payable for January. d. The company has accrued income taxes at the end of January of $14,700. e. By the end of January, $4,700 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 10) assuming a FiFo perpetual inventory system. The transactions on January 15 and January 30 require two entries: one to record sales revenue and one to record cost of goods sold. 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 to 15). 3. Review the adjusted 'Trial Balance' as of January 31, 2024, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31,2024 , in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2024, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal tab (these are shown as fems 16 and 17). 7. Using the information from the requirements above, complete the 'Analysis' tab
