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On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $43,000 beginning balance of inventory consists of 430

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On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $43,000 beginning balance of inventory consists of 430 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,150 units for $121,900 on account (\$106 each). January 8 Purchase 1,250 units for $138,750 on account ( $111 each). January 12 Purchase 1,350 units for $156,600 on account (\$116 each). January is Return 165 of the units purchased on January 12 because of detecta. January 19 Se11 3,900 units on account for $624,000 the cost of the units sold is determined using a Fro perpetual inventory syatem. January 22 Receive $573,000 fron customers on aceounts receivable. January 24 Fay $380,000 to inventory nuppliers on accounts payable. January 27 write off accounts receivable as uncollectible, $2,200. January 31 ray cash for salaries during January, $132,000, The following information is available on January 31, 2024. Record purchase of 1,150 units for $121,900 on account ($106 each). Record purchase of 1,250 units for $138,750 on account (\$111 each). Record purchase of 1,350 units for $156,600 on account ($116 each). Record the return of 165 of the units purchased on January 12 because of defects. Record the sale of 3,900 units on account for $624,000. Record the cost of the units sold, which is determined using a FIFO perpetual inventory system. Record the receipt of $573,000 from customers on accounts receivable. Record the payment of $380,000 to inventory suppliers on accounts payable. Record the write off of accounts receivable as uncollectible, $2,200. (10) Record the payment of cash for salaries during January, $132,000. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. Record the adjusting entry for inventory. for inventory. (12) The company records an adjusting entry for $3,750. for estimated future uncollectible accounts. (13) The company accrues interest on notes payable for January. Interest is expected to be paid each December 31. (14) The company accrues income taxes at the end of January of $13,600. (15) Record the entry to close the revenue accounts. Record the entry to close the expense accounts

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