information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: 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 Debit $27,000 50,000 21,900 65,000 24,500 3. Prepare an adjusted trial balance as of January 31, 2024. $188,400 Credit $6,100 3,400 30,400 69,000 54,000 25,500 $188,400 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $166,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account. The cost of the units sold is $83,300. January 23 Receive $127,300 from customers on accounts receivable. January 25 Pay $109,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, 56,700. January 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and $152,000 on account. The cost of the units sold is $89,000. January 31 Pay cash for monthly salaries, $53,900.
information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: 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 Debit $27,000 50,000 21,900 65,000 24,500 3. Prepare an adjusted trial balance as of January 31, 2024. $188,400 Credit $6,100 3,400 30,400 69,000 54,000 25,500 $188,400 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $166,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account. The cost of the units sold is $83,300. January 23 Receive $127,300 from customers on accounts receivable. January 25 Pay $109,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, 56,700. January 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and $152,000 on account. The cost of the units sold is $89,000. January 31 Pay cash for monthly salaries, $53,900.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Vishal
![Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable.
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (68, due April 1, 2025)
Common Stock
Retained Earnings
Totals
Debit
$27,000
50,000
21,900
65,000
24,500
$188,400
3. Prepare an adjusted trial balance as of January 31, 2024.
Credit
January 23 Receive $127,300 from customers on accounts receivable.
January 25 Pay $109,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, 56,700.
$6,100
During January 2024, the following transactions occur:
January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the
purchase date.
3,400
30,400
69,000
54,000
25,500
$188,400
January 6 Purchase additional inventory on account, $166,000. ACME uses the perpetual inventory system.
January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account.
The cost of the units sold in $83,300..
January 30 Firework sales for the second half of the month total $162,000. sales include $10,000 for cash and
$152,000 on account. The cost of the units sold is $89,000.
January 31 Pay cash for monthly salaries, $53,900.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7017fa2-d3ee-4d28-afb1-6bd0b9945fc2%2F52bf2c7b-7b66-49bc-a057-d176bd671cc2%2Ftavjy7i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable.
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (68, due April 1, 2025)
Common Stock
Retained Earnings
Totals
Debit
$27,000
50,000
21,900
65,000
24,500
$188,400
3. Prepare an adjusted trial balance as of January 31, 2024.
Credit
January 23 Receive $127,300 from customers on accounts receivable.
January 25 Pay $109,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, 56,700.
$6,100
During January 2024, the following transactions occur:
January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the
purchase date.
3,400
30,400
69,000
54,000
25,500
$188,400
January 6 Purchase additional inventory on account, $166,000. ACME uses the perpetual inventory system.
January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account.
The cost of the units sold in $83,300..
January 30 Firework sales for the second half of the month total $162,000. sales include $10,000 for cash and
$152,000 on account. The cost of the units sold is $89,000.
January 31 Pay cash for monthly salaries, $53,900.
Transcribed Image Text:3. Prepare an adjusted trial balance as of January 31, 2024.
Equipment
Deferred Revenue
Accounts.
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
ACME Fireworks
Adjusted Trial Balance
January 31, 2024
Accumulated Depreciation
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Sales Revenue
Salaries Expense
Cost of Goods Sold
Answer is not complete.
✓
✓
✓
$
Debit
13,200
222,000
600
15,600
65,000
24,500
53,900
172,300
Credit
11,800 X
3,400 x
87,400
69,000
54,000
25,500
316,000
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