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Required information Exercise 8-18 Complete the accounting cycle (L08-1,8-2, 8-4, 8-6) On January 1, 2021, the general ledger of ACME Fireworks includes the following account
Required information Exercise 8-18 Complete the accounting cycle (L08-1,8-2, 8-4, 8-6) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 25,100 46,200 $ 4,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (66, due April 1, 2022) Common Stock Retained Earnings Totals 20,000 46,000 15,000 1,500 28,500 50,000 35,000 33, 100 $152,300 $152,300 During January 2021, the following transactions occur January 2 Sold gift cards totaling $8,000. The cards are redeonable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. January 15 Firework sales for the first half of the month total $135,000. All of these sales are on accoun . The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to Inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $4,800. January 30 Firework sales for second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000. Exercise 8-18 Part 3 3. Prepare an adlusted trial balance as of January 31, 2021
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