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Required information Exercise 8-18 Complete the accounting cycle (L08-1, 8-2, 8-4, 8-6) The following information applies to the questions displayed below) On January 1, 2021,
Required information Exercise 8-18 Complete the accounting cycle (L08-1, 8-2, 8-4, 8-6) The following information applies to the questions displayed below) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances Credit Debit $ 26,800 49,600 $ 5,900 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals 21,700 63,000 23,500 3,200 3e, 200 67,000 52,000 26,300 $184,600 $184,6ee During January 2021, the following transactions occur January 2 Sold gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $164,000. January 15 Firework sales for the first half of the month total $152,080. All of these sales are on account. The cost of the units sold is $82,3ee. January 23 Receive $127,108 from customers on accounts receivable. January 25 Pay $107,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,500. January 30 Firework sales for the second half of the month total $160,000. Sales include $11, eee for cash and $149,000 on account. The cost of the units sold is $88,888 January 31 Pay cash for monthly salaries, $53,700. ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Credit
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