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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

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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 account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Debit $ 26,300 48,600 Credit $ 5,400 Inventory 21,200 Land 58,000 Equipment 21,000 Accumulated Depreciation 2,700 Accounts Payable 29,700 Notes Payable (6%, due April 1, 2022) 62,000 Common Stock 47,000 Retained Earnings 28,300 Totals $175,100 $175,100 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $159,000. January 15 Firework sales for the first half of the month total $147,000. All of these sales are on account. The cost of the units sold is $79,800. January 23 Receive $126,600 from customers on accounts receivable. January 25 Pay $102,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,000. January 30 Firework sales for the second half of the month total $155,000. Sales include $11,000 for cash and $144,000 on account. The cost of the units sold is $85,500. January 31 Pay cash for monthly salaries, $53,200. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account

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