[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 Debit $ 25,4ee 46,880 $ 4,500 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 20,300 49,000 16,580 1,800 28,888 53,000 38,80 31,900 $158,eee $158,000 During January 2021, the following transactions occur January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $150,000. January 15 Firework sales for the first half of the month total $138,289. All of these sales are on account. The cost of the units sold is $75,388. January 23 Receive $125,709 from customers on accounts receivable. January 25 Pay $93,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,100. January 30 Firework sales for the second half of the month total $146,890. Sales include $18,eee for cash and $128,888 on account. The cost of the units sold is $81, . January 31 Pay cash for monthly salaries, $52,300. 5. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account Tield.) Answer is not complete. General Journal No Date Debit Credit 1 292.600 January 31, 2021 Sales Revenue Retained Earnings 292.800 x 2 208.865 January 31, 2021 Retained Earnings Salaries Expense Interest Expense Cost of Goods Sold DI 52,300 285 156,300 [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 Debit $ 25,4ee 46,880 $ 4,500 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 20,300 49,000 16,580 1,800 28,888 53,000 38,80 31,900 $158,eee $158,000 During January 2021, the following transactions occur January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $150,000. January 15 Firework sales for the first half of the month total $138,289. All of these sales are on account. The cost of the units sold is $75,388. January 23 Receive $125,709 from customers on accounts receivable. January 25 Pay $93,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,100. January 30 Firework sales for the second half of the month total $146,890. Sales include $18,eee for cash and $128,888 on account. The cost of the units sold is $81, . January 31 Pay cash for monthly salaries, $52,300. 5. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account Tield.) Answer is not complete. General Journal No Date Debit Credit 1 292.600 January 31, 2021 Sales Revenue Retained Earnings 292.800 x 2 208.865 January 31, 2021 Retained Earnings Salaries Expense Interest Expense Cost of Goods Sold DI 52,300 285 156,300
