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Required information On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $33,000 beginning balance of inventory consists of 330 units, each costing $100 During January 2024. Big Blast Fireworks had the following inventory transactions: January 3. Purchase 1,200 units for $129,600 on account ($108 each). January 8 Purchase 1,300 units for $146,900 on account ($113 each). 3anuary 12. Purchase 1,400 units for $165,290 on account ($118 each). January 15 Return 115 of the units purchased on January 12 because of defects. January 19 Sel1 4,009 units on account for $609,000. The cost of the units sold is deterinined using a fifo perpetual inventory systea. January 22 Receive $577,000 from customers on accounts necelvable. January 24 Pay $497,060 to inventory suppliers on accounts payable. 3 anuary 27 Write of f accounts recelvable as uncollectible; $2,800. January 31 Pay cash for salaries during Januory, \$117, 000 . The following information is available on January 31,2024 a. 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 19.3. b. The company records an adjusting entry for $3,085 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31. d. The company accrues income taxes at the end of January of $12,600. Required: 1. Record each of the transactions listed above, assuming a FIFO perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record purchase of 1,200 units for $129,600 on account ( $108 each). Note: Enter debits before credita. 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a transoction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 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. Record the adjusting entry for net realizable value. Note: Enter debits before credits. 3. Prepare an adjusted trial balance as of January 31, 2024 . 4. Prepare a multiple-step income statement for the period ended January 31,2024. 5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with o minus 6. Record closing entries, (If no entry is required for o transaction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet 2 Record the entry to close the revenue accounts. Nete: Enter debats before credita
