Required information Exercise 8-18 Complete the accounting cycle (LO8-1, 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: Accounts Debit Credit Cash $ 26,800 Accounts Receivable 49,600 Allowance for Uncollectible Accounts $ 5,900 Inventory 21,700 Land 63, eee Equipment 23,5ee Accumulated Depreciation 3,200 Accounts Payable 3e, 200 Notes Payable (6%, due April 1, 2022) 67,000 Common Stock 52,000 Retained Earnings 26,300 Totals $184,6ee $184,600 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,480. 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 $127,189 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 $88,000 January 31 Pay cash for monthly salaries, $53,700. ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Credit ACME FIREWORKS Income Statement For the year ended January 31, 2021 Total operating expenses