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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