No 1 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: 2 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 25,400 46,800 20,300 49,000 16,500 Date January 31, 2021 Sales Revenue $158,000 Retained Earnings During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. 5. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account leld.) January 31, 2021 Retained Earnings Credit January 6 Purchase additional inventory on account, $150,000. January 15 Firework sales for the first half of the month total $138,000. All of these sales are on account. The cost of the units sold is $75,300. $ 4,500 January 23 Receive $125,700 from customers on accounts receivable. January 25 Pay $93,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,100. January 30 Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000 on account. The cost of the units sold is $81,000. January 31 Pay cash for monthly salaries, $52,300. 1,800 28,800 53,000 38,000 31,900 $158,000 Answer is not complete. General Journal Debit 284,000 52,565 Credit 284.000 FO 500
No 1 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: 2 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 25,400 46,800 20,300 49,000 16,500 Date January 31, 2021 Sales Revenue $158,000 Retained Earnings During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. 5. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account leld.) January 31, 2021 Retained Earnings Credit January 6 Purchase additional inventory on account, $150,000. January 15 Firework sales for the first half of the month total $138,000. All of these sales are on account. The cost of the units sold is $75,300. $ 4,500 January 23 Receive $125,700 from customers on accounts receivable. January 25 Pay $93,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,100. January 30 Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000 on account. The cost of the units sold is $81,000. January 31 Pay cash for monthly salaries, $52,300. 1,800 28,800 53,000 38,000 31,900 $158,000 Answer is not complete. General Journal Debit 284,000 52,565 Credit 284.000 FO 500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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No
1
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:
2
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, 2022)
Common Stock
Retained Earnings
Totals
Debit
$ 25,400
46,800
Date
January 31, 2021 Sales Revenue
20,300
49,000
16,500
Retained Earnings
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase
date.
6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field.)
January 31, 2021 Retained Earnings
Salaries Expense
Interest Expense
$
January 6 Purchase additional inventory on account, $150,000.
January 15 Firework sales for the first half of the month total $138,000. All of these sales are on account. The cost
of the units sold is $75,300.
January 23 Receive $125,700 from customers on accounts receivable.
January 25 Pay $93,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,100.
Credit
January 30 Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000
on account. The cost of the units sold is $81,000.
January 31 Pay cash for monthly salaries, $52,300.
General Journal
4,500
1,800
28,800
53,000
38,000
31,900
$158,000 $158,000
Answer is not complete.
Debit
284,000
52,565
Credit
284,000 x
52,300
265](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3cf6f7c5-669d-4fc7-86b0-7300a6125918%2Ff061aaef-5549-4096-9923-df05e31df590%2F7j9vyny_processed.png&w=3840&q=75)
Transcribed Image Text:0
No
1
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:
2
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, 2022)
Common Stock
Retained Earnings
Totals
Debit
$ 25,400
46,800
Date
January 31, 2021 Sales Revenue
20,300
49,000
16,500
Retained Earnings
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase
date.
6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field.)
January 31, 2021 Retained Earnings
Salaries Expense
Interest Expense
$
January 6 Purchase additional inventory on account, $150,000.
January 15 Firework sales for the first half of the month total $138,000. All of these sales are on account. The cost
of the units sold is $75,300.
January 23 Receive $125,700 from customers on accounts receivable.
January 25 Pay $93,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,100.
Credit
January 30 Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000
on account. The cost of the units sold is $81,000.
January 31 Pay cash for monthly salaries, $52,300.
General Journal
4,500
1,800
28,800
53,000
38,000
31,900
$158,000 $158,000
Answer is not complete.
Debit
284,000
52,565
Credit
284,000 x
52,300
265
Transcribed Image Text:Journal entry worksheet
<
2
Record the closing entry for expense accounts.
Note: Enter debits before credits.
Date
January 31, 2021 Retained Earnings
Salaries Expense
Interest Expense
Record entry
General Journal
Clear entry
Debit
Credit
52,300
265
View general journal
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