Required information [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 $ 26,600 49,200 $ 5,700 21,500 61,000 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 22,500 3,000 30,000 65,000 50,000 27,100 $180,800 $180,800 During January 2021, the following transactions occur. January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $162,000. January 15 Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $185,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,300. January 30 Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits Date General Journal Debit Credit January 31, 2021 Record entry Clear entry View general journal 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the closing entry for expense accounts. Note: Enter debits before credits. General Journal Debit Credit Date January 31, 2021 Record entry Clear entry View general journal