Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the gener

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Required Information The Following Information Applies To The Questions Displayed Below On January 1 2021 The Gener 1 (53.17 KiB) Viewed 19 times

Required Information [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 $ 27,100 50,200 $ 6,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) Common Stock Retained Earnings Totals 22.00 66, eae 25,000 3.5ee 32,502 70.ee 55,00 25,100 $190,300 $190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,900. January 23 Receive $127,420 from customers on accounts receivable. January 25 Pay $110,w2e to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,990. January 38 Firework sales for the second half of the month total $163,000. Sales include $17,000 for cash and $145,000 on account. The cost of the units sold is $89,500. January 31 Pay cash for monthly salaries, $54.eee. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No General Journal Credit Date January 31, 2021 Sales Revenue Cash Debit 318.000 1 ol 318,000 2 227,300 January 31, 2021 Cash Cost of Goods Sold Salaries Expense OO 173,300 54,000