on Stock ed Eamings ance for Uncollectible Accounts Revenue of Goods Sold ebt Expense es Expense
on Stock ed Eamings ance for Uncollectible Accounts Revenue of Goods Sold ebt Expense es Expense
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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have some numbers figured out but not all of them
![3. Prepare an adjusted trial balance as of January 31, 2021.
ACME Fireworks
Adjusted Trial Balance
January 31, 2021
Accounts
Debit
Credit
Cash
Accounts Receivable
Inventory
Land
Equipment
Accumulated Depreciation
140,600
21,200
58,000
21,000
2700
Accounts Payable
Notes Payable
62,000
Common Stock
47,000
Retained Eanings
Allowance for Uncollectible Accounts
28,300
10,400
Sales Revenue
Cost of Goods Sold
Bad Debt Expense
Salaries Expense
53,200
Totals
240,800 $
203,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb71e31c3-29f6-42f1-bdc0-5e1c1ee2a4b1%2Fa06fbdfd-bc41-40e8-b1dc-60a774c1b588%2Fravv7x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. Prepare an adjusted trial balance as of January 31, 2021.
ACME Fireworks
Adjusted Trial Balance
January 31, 2021
Accounts
Debit
Credit
Cash
Accounts Receivable
Inventory
Land
Equipment
Accumulated Depreciation
140,600
21,200
58,000
21,000
2700
Accounts Payable
Notes Payable
62,000
Common Stock
47,000
Retained Eanings
Allowance for Uncollectible Accounts
28,300
10,400
Sales Revenue
Cost of Goods Sold
Bad Debt Expense
Salaries Expense
53,200
Totals
240,800 $
203,600
![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:
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
Debit
$ 26,300
48,600
Credit
$ 5,400
21,200
58,000
21,e00
2,700
29,700
62,000
47,000
28,300
$175,100
Totals
$175, 100
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $10,48ee. The cards are redeemable for merchandise within one year of the
purchase date.
6 Purchase additional inventory on account, $159, 000.
January 15 Firework sales for the first half of the month total $147,000. ALl of these sales are on account.
The cost of the units sold is $79,8e0.
January 23 Receive $126,6e0 from customers on accounts receivable.
January 25 Pay $182,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $6,000.
January 30 Firework sales for the second half of the month total $155, 000. Sales include $11, 000 for cash and
$144,000 on account. The cost of the units sold is $85, 500.
January 31 Pay cash for monthly salaries, $53,200.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb71e31c3-29f6-42f1-bdc0-5e1c1ee2a4b1%2Fa06fbdfd-bc41-40e8-b1dc-60a774c1b588%2F2hwmime_processed.jpeg&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 account balances:
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
Debit
$ 26,300
48,600
Credit
$ 5,400
21,200
58,000
21,e00
2,700
29,700
62,000
47,000
28,300
$175,100
Totals
$175, 100
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $10,48ee. The cards are redeemable for merchandise within one year of the
purchase date.
6 Purchase additional inventory on account, $159, 000.
January 15 Firework sales for the first half of the month total $147,000. ALl of these sales are on account.
The cost of the units sold is $79,8e0.
January 23 Receive $126,6e0 from customers on accounts receivable.
January 25 Pay $182,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $6,000.
January 30 Firework sales for the second half of the month total $155, 000. Sales include $11, 000 for cash and
$144,000 on account. The cost of the units sold is $85, 500.
January 31 Pay cash for monthly salaries, $53,200.
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