Record purchase of 1,150 units for $121,900 on account ($106 each)

Record purchase of 1,250 units for $138,750 on account ($111 each)

Record purchase of 1,350 units for $156,600 on account ($116 each).

Record the return of 165 of the units purchased on January 12 because of defects.

Record the sale of 3,900 units on account for $624,000

Record the cost of the units sold, which is determined using a FIFO perpetual inventory system

Record the receipt of $573,000 from customers on accounts receivable

Record the payment of $380,000 to inventory suppliers on accounts payable.

Record the write off of accounts receivable as uncollectible, $2,200

Record the payment of cash for salaries during January, $132,000.

At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. Record the adjusting entry for inventory

The company records an adjusting entry for $3,750. for estimated future uncollectible accounts

The company accrues interest on notes payable for January. Interest is expected to be paid each December 31

The company accrues income taxes at the end of January of $13,600

Record the entry to close the revenue accounts

Record the entry to close the expense accounts

On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $43,000 beginning balance of inventory consists of 430 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,150 units for $121,900 on account ($106 each). Jamuary 8 Purchase 1,250 uniti for $138,750 on account ($111 each). January 12 Purchane 1,350 units for $156,600 on account ($116 each). January 15 Return 165 of the unita purchased on January 12 becaume of defects. inventory system. January 22 Peceive 5573,000 from customere on accounte receivable. January 24 Pay $380,000 to inventory tuppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,200. January 31 Pay cash for nalaries during January, $132,000. 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.] b. The company records an adjusting entry for $3,750. 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 $13,600. Unadjusted \begin{tabular}{|c|l|l|} \hline \multicolumn{2}{|c|}{ BIG BLAST FIREWORKS } \\ \hline \multicolumn{2}{|c|}{ Multiple-Step Income Statement } \\ \hline & For the Year Ended January 31,2024 \\ \hline & & \\ \hline Gross Profit & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & \\ \hline Operating Income & & \\ \hline \multicolumn{2}{|c|}{ Income Before Taxes } & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}