On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances Accounts Debit Credit Cash $25,700 Accounts Receivable 46,000 Allowance for Uncollectible Accounts $4,100 Inventory 49,000 Land 90,100 Accounts Payable 25,700 Notes Payable (6 , due in 3 years) 49,000 Common Stock 75,000 Retained Earnings 57,000 Totals $210,800 $210,800 The $49,000 beginning balance of inventory consists of 490 units, each costing $100 During January 2024, Big Blast Fireworks had the following inventory transactions January 3 Purchase 1,750 units for $196,000 on account ($112 each) January 8 Purchase 1,850 units for $216,450 on account ($117 each) January 12 Purchase 1,950 units for $237,900 on account ($122 each) January 15 Return 195 of the units purchased on January 12 because of defects January 19 Sell 5,700 units on account for $855,000 The cost of the units sold is determined using a FIFO perpetual inventory system January 22 Receive $837,000 from customers on accounts receivable January 24 Pay $620,000 to inventory suppliers on accounts payable January 27 Write off accounts receivable as uncollectible, $2,800 January 31 Pay cash for salaries during January, $138,000 The following information is available on January 31, 2024 At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each Hint Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19 The company records an adjusting entry for $3,530 for estimated future uncollectible accounts The company accrues interest on notes payable for January Interest is expected to be paid each December 31 The company accrues income taxes at the end of January of $14,200 Journal entry worksheet 1 2 3 8 Record the cost of the units sold, which is determined using a FIFO perpetual inventory system Note Enter debits before credits

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On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $25,700 Accounts Receivable 46,000 Allowance

On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:

Accounts	Debit	Credit
Cash	$25,700
Accounts Receivable	46,000
Allowance for Uncollectible Accounts		$4,100
Inventory	49,000
Land	90,100
Accounts Payable		25,700
Notes Payable (6%, due in 3 years)		49,000
Common Stock		75,000
Retained Earnings		57,000
Totals	$210,800	$210,800

The $49,000 beginning balance of inventory consists of 490 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions:

January 3	Purchase 1,750 units for $196,000 on account ($112 each).
January 8	Purchase 1,850 units for $216,450 on account ($117 each).
January 12	Purchase 1,950 units for $237,900 on account ($122 each).
January 15	Return 195 of the units purchased on January 12 because of defects.
January 19	Sell 5,700 units on account for $855,000 The cost of the units sold is determined using a FIFO perpetual inventory system.
January 22	Receive $837,000 from customers on accounts receivable.
January 24	Pay $620,000 to inventory suppliers on accounts payable.
January 27	Write off accounts receivable as uncollectible, $2,800.
January 31	Pay cash for salaries during January, $138,000.

The following information is available on January 31, 2024.

At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.]
The company records an adjusting entry for $3,530. for estimated future uncollectible accounts.
The company accrues interest on notes payable for January. Interest is expected to be paid each December 31.
The company accrues income taxes at the end of January of $14,200.

Journal entry worksheet 1 2 3 8 Record the cost of the units sold, which is determined using a FIFO perpetual inventory system. Note: Enter debits before credits