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Thank you On January 1,2018, the general ledger of ACME Fireworks includes the following account balances 25 700 lowance for Uncollectible Accounts Inventory Land 47,400
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On January 1,2018, the general ledger of ACME Fireworks includes the following account balances 25 700 lowance for Uncollectible Accounts Inventory Land 47,400 20,600 18,000 4,800 2.100 29.100 6,000 41,000 30,700 Accounts Payable Notes Payable (6%, due April 1, 2019) Common Stock Retained Eanings Totals 163,700 $163,700 During January 2018, the following transactions occur lanuary 2 Sold gith cards totaling $9.200. The cards are redeemable for merchandie within one year of the purchase date January 6 Purchase additional Inventory on account $153.000 January 15 Frework sales for the irot half of the month total $141,000 All of these sales are on account The cost of the units sold is 576 800 January 23 Recolve $126,000 from customers on accounts recelvable January 25 Pay $96,000 to inventory suppliers on accounts payable January 20 Wite off accounts receivable as uncolectible, 55.400 January 30 Firework sales for the second hatf of the month total $149 000 Sales include $13,000 for cash and $136,000 on account The cost of the units sold is $82 500 January 31 Pay cash for monthly salarles $52,600 The folowing information is avalable on January 31, 2018 a Depreciation on the equipment for the month of January is calculated using the straight-ine method Al the time the the equipment was purchased, these accounts wil not be the company estimated a residual value of $3,600 and a two-year service life D Alle nd of aru ary S17000 of accounts receivable are estimates that 30% of these accounts will not be collected of the remaining accounts recesivable, the company asta e, and the company estrates that 3% wil not be collected c Accrued interest expense on notes payable for January e By the end of January, $3,600 of the git cards sold on January 2 have been redeemed Type here to search On January 1,2018, the general ledger of ACME Fireworks includes the following account balances 25 700 lowance for Uncollectible Accounts Inventory Land 47,400 20,600 18,000 4,800 2.100 29.100 6,000 41,000 30,700 Accounts Payable Notes Payable (6%, due April 1, 2019) Common Stock Retained Eanings Totals 163,700 $163,700 During January 2018, the following transactions occur lanuary 2 Sold gith cards totaling $9.200. The cards are redeemable for merchandie within one year of the purchase date January 6 Purchase additional Inventory on account $153.000 January 15 Frework sales for the irot half of the month total $141,000 All of these sales are on account The cost of the units sold is 576 800 January 23 Recolve $126,000 from customers on accounts recelvable January 25 Pay $96,000 to inventory suppliers on accounts payable January 20 Wite off accounts receivable as uncolectible, 55.400 January 30 Firework sales for the second hatf of the month total $149 000 Sales include $13,000 for cash and $136,000 on account The cost of the units sold is $82 500 January 31 Pay cash for monthly salarles $52,600 The folowing information is avalable on January 31, 2018 a Depreciation on the equipment for the month of January is calculated using the straight-ine method Al the time the the equipment was purchased, these accounts wil not be the company estimated a residual value of $3,600 and a two-year service life D Alle nd of aru ary S17000 of accounts receivable are estimates that 30% of these accounts will not be collected of the remaining accounts recesivable, the company asta e, and the company estrates that 3% wil not be collected c Accrued interest expense on notes payable for January e By the end of January, $3,600 of the git cards sold on January 2 have been redeemed Type here to search Step by Step Solution
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