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Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following
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: 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 Debit $ 25,700 Credit 47,400 $ 4,800 20,600 52,000 18,000 2,100 29,100 56,000 41,000 30,700 $163,700 $163,700 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $153,000. January 15 Firework sales for the first half of the month total $141,000. All of these sales are on account. The cost of the units sold is $76,800. January 23 Receive $126,000 from customers on accounts receivable.. January 25 Pay $96,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,400. January 30 Firework sales for the second half of the month total $149.000. Sales include < Prev 8 of 8 Next >
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