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Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1,

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Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 5old gift cards totaling $9,809. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $156,000. ACME uses the perpetual inventory $ysten. January 15 firevork sales for the first half of the month total $144,000. All of these sales are on account. The cost of the units sold is $78,390. January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,090 to inventory suppliers on accounts payable. January 28 itite off accounts receivable as uncollectible, $5,709. January 30 firework sales for the second half of the month total $152,000, 5ales include $12,000 for cash and $140,000 on account. The cost of the units sold is $84,000. January 31 Pay cash for monthly salaries, $52,900. - 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 resldual value of $3,900 and a two-year service life. - The company records an adjusting entry for $12,000 for estimated future uncollectible accounts. - The company has accrued interest on notes payable for January. - The company has accrued income taxes at the end of January of $13,900 - By the end of January, $3,900 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first occount field.) Journal entry worksheet 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 $3,900 and a two-year service life. Record the deprediation for the month of January. Note Finter debits befors credins

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