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 Debit $ 26, See 49, see Accounts Receivable Allowance for Uncollectible Accounts $ 5,60 Land 21,400 be, se 22, se 2,980 Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) Common Stock Retained Earnings Totals 64.ee 49. eee $178,980 3178.900 During January 2021, the following transactions occur January 2 Sold gift cards totaling $10,see. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161, e. January 15 Firework sales for the first half of the month total $149, 28. All of these sales are on account. The cost of the units sold is $80, 82e. January 23 Receive $126,800 from customers on accounts receivable. January 25 Pay $184.ee to inventory suppliers on accounts payable. January 28 Write aff accounts receivable as uncollectible, $6,280. January 30 Firework sales for the second half of the month total $157,000. Sales include $15,eee for cash and $142,000 on account. The cost of the units sold is $86,5ee. January 31 Pay cash for monthly salaries, $53,4ee. 3. Prepare an adjusted trial balance as of January 31, 2021. Answer is not complete. Credit ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Cash Os 21,700 Accounts Receivable L 207,000 Inventory 15,100 Land 60,000 Equipment 22,000 Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Revenue Cast of Goods Sold 167,300 Deferred Revenue Bad Debt Expense 800 X Salaries Expense l 53,400 2,900 88,900 64,000 49,000 27,500 306,000 X OOOO 10,800 x Totals IS 547,100 ls 547.100 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: Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 26, See 49.00 $ 5,600 21,420 se.ee 22, Bee Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) Common Stock Retained Earnings Totals 2.98 29,90 64, se 49, se 27. See $178,900 $178,98 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,80e. The cards are redeemable for merchandise within one year of the purchase January 6 Purchase additional inventory on account, $161, eee. January 15 Firework sales for the first half of the month total $149, 28. All of these sales are on account. The cost of the units sold is $80, see. January 23 Receive $126,from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,28e. January 38 Firework sales for the second half of the month total $157, eee. Sales include $15,Bee for cash and $142, on account. The cost of the units sold is $86,5ee. January 31 Pay cash for monthly salaries, $53,402. 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 llat Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021 Record entry Clear entry View general Journal 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 Debit $ 26, See 49, see Accounts Receivable Allowance for Uncollectible Accounts $ 5,60 Land 21,400 be, se 22, se 2,980 Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) Common Stock Retained Earnings Totals 64.ee 49. eee $178,980 3178.900 During January 2021, the following transactions occur January 2 Sold gift cards totaling $10,see. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161, e. January 15 Firework sales for the first half of the month total $149, 28. All of these sales are on account. The cost of the units sold is $80, 82e. January 23 Receive $126,800 from customers on accounts receivable. January 25 Pay $184.ee to inventory suppliers on accounts payable. January 28 Write aff accounts receivable as uncollectible, $6,280. January 30 Firework sales for the second half of the month total $157,000. Sales include $15,eee for cash and $142,000 on account. The cost of the units sold is $86,5ee. January 31 Pay cash for monthly salaries, $53,4ee. 3. Prepare an adjusted trial balance as of January 31, 2021. Answer is not complete. Credit ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Cash Os 21,700 Accounts Receivable L 207,000 Inventory 15,100 Land 60,000 Equipment 22,000 Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Revenue Cast of Goods Sold 167,300 Deferred Revenue Bad Debt Expense 800 X Salaries Expense l 53,400 2,900 88,900 64,000 49,000 27,500 306,000 X OOOO 10,800 x Totals IS 547,100 ls 547.100 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: Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 26, See 49.00 $ 5,600 21,420 se.ee 22, Bee Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) Common Stock Retained Earnings Totals 2.98 29,90 64, se 49, se 27. See $178,900 $178,98 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,80e. The cards are redeemable for merchandise within one year of the purchase January 6 Purchase additional inventory on account, $161, eee. January 15 Firework sales for the first half of the month total $149, 28. All of these sales are on account. The cost of the units sold is $80, see. January 23 Receive $126,from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,28e. January 38 Firework sales for the second half of the month total $157, eee. Sales include $15,Bee for cash and $142, on account. The cost of the units sold is $86,5ee. January 31 Pay cash for monthly salaries, $53,402. 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 llat Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021 Record entry Clear entry View general Journal