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 Credit Cash Debit $ 26,100 48,200 $ 5,200 21,000 56,000 20,000 Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (61, due April 1, 2022) Common Stock Retained Earnings Totale 2,500 29,500 60,000 45,000 29,100 $171,300 $171,300 During January 2021, the following transactions occur January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $157,000. January 15 Firework soles for the first half of the month total $145,000. All of these sales are on account. The cost of the units sold is $78,800. January 23 Receive $126,400 from customers on accounts receivable. January 25 Pay $100,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,800. January 30 Pirework sales for the second half of the month total $153,000. Sales include $16,000 for cash and $137,000 on account. The cost of the units sold is $84,500. January 31 Pay cash for monthly salaries, $53,000. 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Am should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities $ 25,500 Accounts Payable $ 198,000 Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory (13,380) 184,620 Interest Payable Income Tax Payable Total Current Assets 0 0 210,120 Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Land Equipment Accumulated Depreciation Total Stockholders' Equity Total Liabilities and Stockholders' Equity OD $ Total Assets $ 210,120 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 fist View Journal entry worksheet No General Journal Debit Credit 1 Date January 31, 2021 Sales Revenue Retained Earnings 2 January 31, 2021 Retained Earnings Cost of Goods Sold Depreciation Expense Bad Debt Expense Interest Expense Income Tax Expense