[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: During January 2021, the following transactions occur: January 2 sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the January 6 purchase date. January 6 Purchase additional inventory on account, $166,000. January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account. January 23 The cost of the units sold is $83,300. January 23 Receive $127,300 from customers on accounts receivable. January 25 Pay $109,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,700. January 30 Firework sales for the second half of the month total $162,060. Sales include $10,000 for cash and January 31 Pay cash for monthe cost of the units sold is $89,000. - 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 $5,300 and a two-year service life. - The company estimates future uncollectible accounts. The company determines $30,000 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 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts recelvable balance calculated in the general ledger.) - Accrued interest expense on notes payable for January. - Accrued income taxes at the end of January are $14,900. - By the end of January, $4,900 of the gift cards sold on January 2 have been redeemed. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 3. Prepare an adjusted trial balance as of January 31, 2021. 4. Prepare a multiple-step income statement for the period ended January 31,2021. 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. A should be indicated with a minus sign.) Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the closing entry for expense accounts. Note: Enter debits before credits