Sved On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances Credit Debit $ 25,500 47.000 $ 4,680 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals 20,400 50.000 17,000 1,900 28,900 54,000 39.000 31,500 $159,900 $159,900 During January 2021 the following transactions occur January 2 Sold gift cards totaling $3,800. The cards are redeemable for merchandise within one year of the purchase date January 5 Purchase additional Inventory on account, $191,000. January 15 Firework sales for the first half of the month total $139,000. All of these sales are on account. The cott of the units sold is 575,000 January 23 Receive $135,000 from customers on accounts receivable January 25 pay $34,000 to Inventory suppliers on accounts payable January 20 Write off accounts receivable as uncollectible, 55,200 Sanuary 10 Firework sales for the second half of the month total 5143,000. Sales Include $13,000 for ch. o account. The cost of the units sold is 551.500 Benuary 31 Pay cash for monthly salaries. 552,00

hop 4 5 6 & 7 8 9 O R. R T T o P. Required information X: 7 Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $3,800 and a two-year service life. Record the depreciation for the month of January. using he life. ed OK Credit ences 2 The company estimates future uncollectible accounts. The company determines $15,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record bad debts at the end of January Note = journal entry has been entered Record entry Clear entry View general CO 2 3 4 w Prey 7 here to search O hp Required information EX: *** ine company esuildles Tuture unicolecule d wounts. The company determines $15,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record bad debts at the end of January using he life. Credit Les 3 Accrued interest expense on notes payable for January 4 Accrued income taxes at the end of January are $13,400. 5 By the end of January, 53,400 of the gift cards sold on January 2 have been redeemed. Note : journal entry has been entered Record entry Clear entry View general jou hop 4 5 6 & 7 8 9 O R. R T T o P. Required information X: 7 Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $3,800 and a two-year service life. Record the depreciation for the month of January. using he life. ed OK Credit ences 2 The company estimates future uncollectible accounts. The company determines $15,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record bad debts at the end of January Note = journal entry has been entered Record entry Clear entry View general CO 2 3 4 w Prey 7 here to search O hp Required information EX: *** ine company esuildles Tuture unicolecule d wounts. The company determines $15,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record bad debts at the end of January using he life. Credit Les 3 Accrued interest expense on notes payable for January 4 Accrued income taxes at the end of January are $13,400. 5 By the end of January, 53,400 of the gift cards sold on January 2 have been redeemed. Note : journal entry has been entered Record entry Clear entry View general jou