Question
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 Debit Credit $27,100 Accounts Receivable Allowance for Uncollectible Accounts 50,200 $ 6,200 Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 38,500 Notes Payable (6%, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $190,300 $198,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,480 from customers on accounts receivable. January 25 Pay $110,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,800. January 30 Firework sales for the second half of the month total $163,000. Sales include $17,000 for cash and $145,000 on account. The cost of the units sold is $89,500. January 31 Pay cash for monthly salaries, $54,000. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Answer is not complete. No Date General Journal 1 January 31, 2021 Sales Revenue Cash 2 January 31, 2021 Cash Cost of Goods Sold Salaries Expense Debit Credit 318,000 318,000 227,300 173,300 54,000
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