On January 1, 2024, the general ledger of Big Blast Fireworks included the following account balances: Accounts Debit Credit Cash $ 22,700 Accounts receivable 38,500 Allowance for uncollectible accounts 3,900 Inventory 34,000 Land 67,600 Accounts payable 30,400 Notes payable (6%, due in 3 years) 34,000 Common stock 60,000 Retained earnings 34,500 Totals $ 162,800 $ 162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchased 1,300 units for $141,700 on account ($109 each). January 8 Purchased 1,400 units for $159,600 on account ($114 each). January 12 Purchased 1,500 units for $178,500 on account ($119 each). January 15 Returned 120 of the units purchased on January 12 because of defects. January 19 Sold 4,300 units on account for $645,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Received $621,000 from customers on accounts receivable. January 24 Paid $451,000 to inventory suppliers on accounts payable. January 27 Wrote off accounts receivable as uncollectible, $2,900. January 31 Paid cash for salaries during January, $118,000. The following information is available on January 31, 2024. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. At the end of January, $4,400 of accounts receivable are past due, and the company estimates that 35% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. Accrued income taxes at the end of January are $12,700.

#11 and #15 are wrong and 16 is blank

January 03	Inventoryselected answer correct	141,700selected answer correct
		Accounts payableselected answer correct		141,700selected answer correct
2	January 08	Inventoryselected answer correct	159,600
		Accounts payableselected answer correct		159,600
3	January 12	Inventoryselected answer correct	178,500
		Accounts payableselected answer correct		178,500
4	January 15	Accounts payableselected answer correct	14,280
		Inventoryselected answer correct		14,280
5	January 19	Accounts receivableselected answer correct	645,000
		Sales revenueselected answer correct		645,000
6	January 19	Cost of goods soldselected answer correct	485,240
		Inventoryselected answer correct		485,240
7	January 22	Cashselected answer correct	621,000
		Accounts receivableselected answer correct		621,000
8	January 24	Accounts payableselected answer correct	451,000
		Cashselected answer correct		451,000
9	January 27	Allowance for uncollectible accountsselected answer correct	2,900
		Accounts receivableselected answer correct		2,900
10	January 31	Salaries expenseselected answer correct	118,000
		Cashselected answer correct		118,000
11	January 31	Cost of goods soldselected answer correct	118,000 Incorrect
		Inventoryselected answer correct		7,980incorrect
12	January 31	Bad debt expenseselected answer correct	3,300
		Allowance for uncollectible accountsselected answer correct		3,300
13	January 31	Interest expenseselected answer correct	170
		Interest payableselected answer correct		170
14	January 31	Income tax expenseselected answer correct	12,700
		Income tax payableselected answer correct		12,700
15	January 31	not attempted	591,690selected answer incorrect	not attempted
		not attempted	not attempted	457,520selected answer incorrect
		not attempted	not attempted	118,000selected answer incorrect
		not attempted	not attempted	3,300selected answer incorrect
		not attempted	not attempted	170selected answer incorrect
		not attempted	not attempted	12,700selected answer incorrect
16	January 31	not attempted	not attempted