h Required information.Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)[The following information applies to the questions displayed below.]On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:AccountsCashAccounts ReceivableAllowance for Uncollectible AccountsInventoryLandEquipmentAccumulated Depreciation.Accounts PayableNotes Payable (6%, due April 1, 2025)Common StockRetained EarningsTotalsDebit$26,00048,00020,90055,00019,500$169,400Credit$5,1002,40029,40059,00044,00029,500$169,400During January 2024, the following transactions occur:January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchasedate.January 6 Purchase additional inventory on account, $156,000. ACME uses the perpetual inventory system.January 15 Firework sales for the first half of the month total $144,000. All of these sales are on account. The costof the units sold is $78,300.January 23 Receive $126,300 from customers on accounts receivable.January 25 Pay $99,008 to inventory suppliers on accounts payable.January 28 Write off accounts receivable as uncollectible, $5,700.January 30 Firework sales for the second half of the month total $152,000. Sales include $12,000 for cash and $140,000on account. The cost of the units sold is $84,000.January 31 Pay cash for monthly salaries, $52,900. Exercise 8-19 (Algo) Part 2• Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipmentwas purchased, the company estimated a residual value of $3,900 and a two-year service life.The company records an adjusting entry for $12,000 for estimated future uncollectible accounts.The company has accrued interest on notes payable for January.The company has accrued income taxes at the end of January of $13,900.By the end of January, $3,900 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold).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.)View transaction listJournal entry worksheet12January 313Record entry4Depreciation on the equipment for the month of January is calculated usingthe straight-line method. At the time the equipment was purchased, thecompany estimated a residual value of $3,900 and a two-year service life.Record the depreciation for the month of January.Note: Enter debits before credits.5General JournalClear entryDebitCreditView general journal

Adjusting entry is passed at the end of the period to record any unrecognized expenses or income for…

Answered: 19 (Algo) Complete the accounting cycle…

19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) information applies to the questions displayed below] 2024, the general ledger of ACME Fireworks includes the following accou

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
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