[The following information applies to the questions displayed below] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances Accounta 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 Debit Credit $ 25,900 47.800 5,000 20,000 54,000 19,000 2,300 25,300 58,000 43,000 29,900 $167,500 $167,500 During January 2021, the following transactions occur: January 2 Sold gift carda totaling $9,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $155,000. January 15 Firework sales for the first half of the nonth total $143,000. All of these sales are on account. The cost of the units sold a $77,800. January 23 Receive $126,200 from customers on accounts receivable. January 25 Pay $98,000 to inventory suppliers an accounts payable. January 28 Meite off sccounts receivable as uncollectible, $5,600. January 30 Firework sales for the second half of the month total $151,000. Sales include $14,000 for cash and $117,000 on account. The cost of the units sold is $83,500. January 31 Pay cash for monthly salaries, 552,800. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account SUIT < Prev 10 11 Next > Help Save & Exit Submit Check my work