On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 23,700 41,000 $ 4,900 Inventory Land 39,000 75,100 27,900 39,000 65,000 42,000 Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals $178,800 $178,800 The $39,000 beginning balance of inventory consists of 390 units, each costing $100. During January 2021, Big B Fireworks had the following inventory transactions: 3 Purchase 1,800 units for $192, 600 on account ($107 each). 8 Purchase 1,900 units for $212, 800 on account ($112 each). January January January 12 Purchase 2,000 units for $234,000 on account ($117 each). January 15 Return 145 of the units purchased on January 12 because of defects. January 19 Sell 5,800 units on account for $870,000. The cost of the units sold is determined using a FIFO perp inventory system. January 22 Receive $841,000 from customers on accounts receivable. January 24 Pay $585,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $3,400. January 31 Pay cash for salaries during January, $123,000.

On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 23,700 41,000 $ 4,900 Inventory Land 39,000 75,100 27,900 39,000 65,000 42,000 Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals $178,800 $178,800 The $39,000 beginning balance of inventory consists of 390 units, each costing $100. During January 2021, Big B Fireworks had the following inventory transactions: 3 Purchase 1,800 units for $192, 600 on account ($107 each). 8 Purchase 1,900 units for $212, 800 on account ($112 each). January January January 12 Purchase 2,000 units for $234,000 on account ($117 each). January 15 Return 145 of the units purchased on January 12 because of defects. January 19 Sell 5,800 units on account for $870,000. The cost of the units sold is determined using a FIFO perp inventory system. January 22 Receive $841,000 from customers on accounts receivable. January 24 Pay $585,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $3,400. January 31 Pay cash for salaries during January, $123,000.

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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On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit $ 23, 300 40, e0e Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37,e00 72,100 28,98e 37, eee 63, 0ee Common Stock Retained Earnings 39. eee Totals $172,488 $172,488 The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,680 units for $168,888 on account ($18s cach). January 8 Purchase 1,78e units for $187,800 on account ($110 cach). January 12 Purchase 1,88e units for $207, Bee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753,eee…
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