Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land iquiprent Accumulated Depreciation Accounts Payable Notes Payable (ex, due April 1, 2022) Debit $ 27,100 se, 200 $ 6,200 22,000 66,000 25,000 3, 500 30, s00 70, 000 55,000 Comnon Stock 25,100 $190, 200 Retained iarnings Totals $190, 300 During January 2021, the following transactions occur. January 2 sold gift cards totaling 512,000. The cards are redeonable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,00e. 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 S83,800. January 23 Receive $127,400 from custoners on accounts receivable. January 25 Pay $110,000 to inventory suppliers on accounts payable. January 28 rite off accounts receivable as uncollectible, s6, s00. January 30 Firework sales for the second half of the ronth total $163,000. Sales include $17,000 for cash and $146,000 on account. The cost of the units sold is S89, s00. January 11 Pay cash for monthly salaries, S54,000. 6. Record closing entries. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the first account field.)
Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land iquiprent Accumulated Depreciation Accounts Payable Notes Payable (ex, due April 1, 2022) Debit $ 27,100 se, 200 $ 6,200 22,000 66,000 25,000 3, 500 30, s00 70, 000 55,000 Comnon Stock 25,100 $190, 200 Retained iarnings Totals $190, 300 During January 2021, the following transactions occur. January 2 sold gift cards totaling 512,000. The cards are redeonable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,00e. 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 S83,800. January 23 Receive $127,400 from custoners on accounts receivable. January 25 Pay $110,000 to inventory suppliers on accounts payable. January 28 rite off accounts receivable as uncollectible, s6, s00. January 30 Firework sales for the second half of the ronth total $163,000. Sales include $17,000 for cash and $146,000 on account. The cost of the units sold is S89, s00. January 11 Pay cash for monthly salaries, S54,000. 6. Record closing entries. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required Information
[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of ACME Fireworks includes the following sccount balances:
Accounts
Debit
Credit
$ 27,100
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipnent
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, 2822)
5e, 200
$ 6,200
22, B00
66, 800
25, e00
3,5ee
30,5ee
70, e00
55,e00
25,100
Common Stock
Retained Earnings
Totals
$190,300
$198,300
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $12,e0e. The cards are redeenable for merchandise within one year of the purchase
date.
January 6 Purchase additional inventory on account, $167,88e.
January 15 Firework sales for the first half of the month total $155,e0e. All of these sales are on account. The cost
of the units sold is $83,88e.
January 23 Receive $127,480 from custoners on accounts receivable.
January 25 Pay $11e,eee to inventory suppliers on accounts payable.
January 28 rite off accounts receivable as uncollectible, $6, see.
January 30 Firework sales for the second half of the ronth total $163,800. Sales include $17,8ee for cash and $145,880
on account. The cost of the units sold is $89,50e.
January 31 Pay cash for monthly salaries, $54,8ee.
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
Date
General Jourmal
Debit
Credit
1
January 31, 2021 Sales Revenue
318,000
Cash
318,000
January 31, 2021 Cash
227,300 O
Cost of Goods Sold
173,300 O
Salaries Expense
54,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd644ef1-0ef8-4b8b-b65d-c623df9b5a9f%2Fbbf6aa11-554f-42d6-943d-e0b8ef0ec367%2Fhckrlxj_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of ACME Fireworks includes the following sccount balances:
Accounts
Debit
Credit
$ 27,100
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipnent
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, 2822)
5e, 200
$ 6,200
22, B00
66, 800
25, e00
3,5ee
30,5ee
70, e00
55,e00
25,100
Common Stock
Retained Earnings
Totals
$190,300
$198,300
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $12,e0e. The cards are redeenable for merchandise within one year of the purchase
date.
January 6 Purchase additional inventory on account, $167,88e.
January 15 Firework sales for the first half of the month total $155,e0e. All of these sales are on account. The cost
of the units sold is $83,88e.
January 23 Receive $127,480 from custoners on accounts receivable.
January 25 Pay $11e,eee to inventory suppliers on accounts payable.
January 28 rite off accounts receivable as uncollectible, $6, see.
January 30 Firework sales for the second half of the ronth total $163,800. Sales include $17,8ee for cash and $145,880
on account. The cost of the units sold is $89,50e.
January 31 Pay cash for monthly salaries, $54,8ee.
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
Date
General Jourmal
Debit
Credit
1
January 31, 2021 Sales Revenue
318,000
Cash
318,000
January 31, 2021 Cash
227,300 O
Cost of Goods Sold
173,300 O
Salaries Expense
54,000
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