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Required information

[The following information applies to the questions displayed below.]

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	26,200
Accounts Receivable		48,400
Allowance for Uncollectible Accounts					$	5,300
Inventory		21,100
Land		57,000
Equipment		20,500
Accumulated Depreciation						2,600
Accounts Payable						29,600
Notes Payable (6%, due April 1, 2022)						61,000
Common Stock						46,000
Retained Earnings						28,700
Totals	$	173,200			$	173,200

During January 2021, the following transactions occur:

January		2		Sold gift cards totaling $10,200. The cards are redeemable for merchandise within one year of the purchase date.
January		6		Purchase additional inventory on account, $158,000.
January		15		Firework sales for the first half of the month total $146,000. All of these sales are on account. The cost of the units sold is $79,300.
January		23		Receive $126,500 from customers on accounts receivable.
January		25		Pay $101,000 to inventory suppliers on accounts payable.
January		28		Write off accounts receivable as uncollectible, $5,900.
January		30		Firework sales for the second half of the month total $154,000. Sales include $17,000 for cash and $137,000 on account. The cost of the units sold is $85,000.
January		31		Pay cash for monthly salaries, $53,100.

6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)