put journal entries including closing entrys for revenue and expenses
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 27,000 50,000 $ 6,100 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (61, due April 1, 2022) Common stock Retained Earnings Totala 21,900 65,000 24,500 3,400 30,400 69,000 54,000 25,500 $188,000 $188.400 During January 2021, the following transactions occur January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $166,000. January 15 Tirework sales for the first half of the month total $154,000. All of these sales are on account. The cost of the units sold is $83,300. January 23 Receive $127,300 from customers on accounts receivable. January 25 Pay $109,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,700. January 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and $152,000 on account. The cost of the units sold is $89,000. January 31 Pay cash for monthly salaries, 553,900. The following information is available on January 31 a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $5,300 and a two-year service life. b. At the end of January $30,000 of accounts receivable are past due, and the company estimates that 30% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected c. Accrued interest expense on notes payable for January d. Accrued income taxes at the end of January are $14,900. e. By the end of January, 54.900 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). Requirement General General Income Trial Balance Journal Ledger Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction at View journal entry worksheet Dobit Credit Book Requirement General Joumal General Ledger Trial Balance Income Statement Bala erences Prepare the journal entries for transactions. (If no entry is required for a pa in the first account field.) View transaction list View journal entry worksheet Record sale of gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the purchase date. Record purchase of additional inventory on account, $166,000. 3 Record fireworks sales for the first half of the month totaling $154,000. All of these sales are on account. Record the cost of the units sold is $83,300. 5 Record receipt of $127,300 from customers on accounts receivable. Note : journal entry has been entered Balar General Ledger Trial Balance Income Statement General Journal Requirement Prepare the journal entries for transactions. (If no entry is required for a par In the first account field.) View transaction ist View journal entry worksheet X 6 Record payment of $109,000 to inventory suppliers on accounts payable. 7 Record write-off of accounts receivable as uncollectible, $6,700. 8 Record fireworks sales for the second half of the month totaling $162,000. Sales include $10,000 for cash and $152,000 on account. 9 Record the cost of the units sold of $89,000. 10 Record payment of cash for monthly salaries, $53,900. 11 Prepare the adjusting entry for depreciation. Note : journal entry has been entered Requirement General Journal General Ledger Trial Balance Income Statement Prepare the journal entries for transactions. (If no entry is required for a in the first account field.) View transaction list View Journal entry worksheet X 10 Record payment of cash for monthly salaries, $53,900. 11 Prepare the adjusting entry for depreciation. 12 Prepare the adjusting entry for uncollectible accounts. 13 Prepare the adjusting entry for interest. 14 Prepare the adjusting entry for income tax. 15 Prepare the adjusting entry for gift cards redeemed. 16 Prepare the closing entry for revenue. 17 Prepare the closing entry for expenses. Note : journal entry has been entered 08 Problems On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 27,000 50,000 $ 6,100 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (61, due April 1, 2022 ) Common Stock Retained Earnings Totals 21,900 65,000 24,500 3,400 30,400 69,000 54,000 25,500 $ 188, 400 $188, 400 During January 2021, the following transactions occur January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise date. January 6 Purchase is 8 On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 27,000 50,000 $ 6,200 Accounta Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (68, due April 1, 2022) Common Stock Retained Earnings Totals 21,900 65,000 24,500 ok 3,400 30,400 69,000 54,000 25,500 $108,400 nces $188.400 During January 2021, the following transactions occur January 2 Sold gift cards totaling $11,000. The cards are redeemable for marchandise vient one year of the purchase date. January 6 Purchase additional inventory on account, $165.00 January 15 Pirework sales for the first half of the month total $154,000. All of these sales are on account. The cost of the units sold is $83,300. January 23 Receive $127,300 from customers on accounts receivable. January 25 Pay $109,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,700. January 30 Pirework sales for the second half of the month total $162,000. Sales include $10,000 for cash and $152,000 on account. The cost of the units sold is $89,000. January 31 Pay cash for monthly salaries, $53,900. The following information is available on January 31. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $5,300 and a two-year service life. b. At the end of January, $30,000 of accounts receivable are past due, and the company estimates that 30% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected c. Accrued interest expense on notes payable for January d. Accrued income taxes at the end of January are $14.900. e. By the end of January, $4,900 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold)
