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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

FINANCIAL ACCOUNTING
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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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
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.
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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