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 Debit Credit Cash $ 26,600 Accounts Receivable 49,200 Allowance for Uncollectible Accounts $ 5,700 Inventory 21,500 Land 61,000 Equipment 22,500 Accumulated Depreciation 3,000 Accounts Payable 30,000 Notes Payable (6 , due April 1, 2022) 65,000 Common Stock 50,000 Retained Earnings 27,100 Totals $ 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 $105,000 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 General Journal Debit Credit Date 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 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

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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

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	Debit		Credit
Cash	$	26,600
Accounts Receivable		49,200
Allowance for Uncollectible Accounts			$	5,700
Inventory		21,500
Land		61,000
Equipment		22,500
Accumulated Depreciation				3,000
Accounts Payable				30,000
Notes Payable (6%, due April 1, 2022)				65,000
Common Stock				50,000
Retained Earnings				27,100
Totals	$	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 $105,000 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.

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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. General Journal Debit Credit Date 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 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