Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minus si 6. Record closing entries, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits (1) , I - Ianuanum umvanton Required information \begin{tabular}{|c|c|c|c|c|c|} \hline & 3 & January 12 & Inventory & 237,900 & \\ \hline & & & Accounts Payable & & 237,900 \\ \hline \multirow[t]{2}{*}{1} & 4 & January 15 & Accounts Payable & 23,790 & \\ \hline & & & Inventory & & 23,790 \\ \hline \multirow[t]{2}{*}{i} & 5 & January 19 & Accounts Receivable & 855,000 & \\ \hline & & & Sales Revenue & & 855,000 \\ \hline \multirow[t]{2}{*}{1} & 6 & January 19 & Cost of Goods Sold & & \\ \hline & & & Inventory & & \\ \hline \multirow[t]{2}{*}{1} & 7 & January 22 & Cash & 837,000 & \\ \hline & & & Accounts Receivable & & 837,000 \\ \hline & & & & 620,000 & \\ \hline & & & Cash & & 620,000 \\ \hline & & January 27 & Allowance for Uncollectible Accounts & 2,800 & \\ \hline & & & Accounts Recelvable & & 2,800 \\ \hline & & & & & \\ \hline \multirow[t]{2}{*}{/} & 10 & January 31 & Salaries Expense & 138,000 & \\ \hline & & & Cash & & 138,000 \\ \hline \end{tabular} 3. Prepare an adjusted trial balance as of January 31, 2024. 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a Journal Entry Required" in the first account field.) Journal entry worksheet The company accrues income taxes at the end of January of $14,200. Record the adjusting entry for income taxes. Note: Enter debits before credits. 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a Journal Entry Required" in the first account field.) Journal entry worksheet The company records an adjusting entry for $3,530. for estimated future uncollectible accounts. Record the adjusting entry for uncollectible accounts. Note: Enter debits before credits. Required information On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: 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 \& 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 Sel1 5,700 units on account for $855,000. The cost of the units sold is determined using a FIFo perpetual inventory aystem. January 22 Receive $837,000 froe 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 salarien during January, $138,000. 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a transac Journal Entry Required" in the first account field.) Journal entry worksheet The company accrues interest on notes payable for January. Interest is expected to be paid each December 31 . Record the adjusting entry for interest expense. Note: Enter debits before credits. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sel 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.] b. The company records an adjusting entry for $3,530 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 $14,200. 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to seli in February for only $100 each. Record the adjusting entry for net realizable value. Note: Enter debits before credits. 4. Prepare a multiple-step income statement for the period ended January 31, 2024. 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry field.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits
