Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals During January 2024, the following transactions occur: Debit $26,100 48,200 Credit $5,200 21,000 56,000 20,000 2,500 29,500 60,000 45,000 29,100 $171,300 $171,300 January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $157,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account. The cost of the units sold is $78,800. January 23 Receive $126,400 from customers on accounts receivable.. January 25 Pay $100,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,800. January 30 Firework sales for the second half of the month total $153,000. Sales include $16,000 for cash and $137,000 on account. The cost of the units sold is $84,500. January 31 Pay cash for monthly salaries, $53,000. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accou
Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals During January 2024, the following transactions occur: Debit $26,100 48,200 Credit $5,200 21,000 56,000 20,000 2,500 29,500 60,000 45,000 29,100 $171,300 $171,300 January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $157,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account. The cost of the units sold is $78,800. January 23 Receive $126,400 from customers on accounts receivable.. January 25 Pay $100,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,800. January 30 Firework sales for the second half of the month total $153,000. Sales include $16,000 for cash and $137,000 on account. The cost of the units sold is $84,500. January 31 Pay cash for monthly salaries, $53,000. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accou
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Vinubhai
Transcribed Image Text:Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, 2025)
Common Stock
Retained Earnings
Totals
During January 2024, the following transactions occur:
Debit
$26,100
48,200
Credit
$5,200
21,000
56,000
20,000
2,500
29,500
60,000
45,000
29,100
$171,300
$171,300
January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of the purchase
date.
January 6 Purchase additional inventory on account, $157,000. ACME uses the perpetual inventory system.
January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account. The cost
of the units sold is $78,800.
January 23 Receive $126,400 from customers on accounts receivable..
January 25 Pay $100,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,800.
January 30 Firework sales for the second half of the month total $153,000. Sales include $16,000 for cash and $137,000
on account. The cost of the units sold is $84,500.
January 31 Pay cash for monthly salaries, $53,000.
6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accou
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