Ord each of the transactions listed above. (If no entry is required for a particular t ed" in the first account field.) w transaction list
Ord each of the transactions listed above. (If no entry is required for a particular t ed" in the first account field.) w transaction list
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
h
Transcribed Image Text:Exercise 8-19 (Algo) Part 1
Required:
1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
< 1
2
3
Note: Enter debits before credits.
Date
January 02
Record entry
4
5
General Journal
6
Record sale of gift cards totaling $9,800. The cards are redeemable for
merchandise within one year of the purchase date.
Clear entry
7
8
9 10
Debit
Credit
View general journal
A
![Required information
Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)
[The following information applies to the questions displayed below.]
On January 1, 2024, 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, 2025)
Common Stock
Retained Earnings
Totals
Debit
$26,000
48,000
20,900
55,000
19,500
$169,400
Credit
$5,100
2,400
29,400
59,000
44,000
29,500
$169,400
During January 2024, the following transactions occur.
January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase
date.
January 6 Purchase additional inventory on account, $156,000. ACME uses the perpetual inventory system.
January 15 Firework sales for the first half of the month total $144,000. All of these sales are on account. The cost
of the units sold is $78,300.
January 23 Receive $126,308 from customers on accounts receivable.
January 25 Pay 599,000 to inventory suppliers on accounts payable.
January 28 write off accounts receivable as uncollectible, $5,700.
January 30 Firework sales for the second half of the month total $152,000. Sales include $12,000 for cash and $140,000
on account. The cost of the units sold is $84,000.
January 31 Pay cash for monthly salaries, $52,900.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ebee747-9a94-438b-80c8-0b3b296e8c92%2Fdc663f5e-342e-4aa8-a212-2acfa0a284e4%2Fuz99noa_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)
[The following information applies to the questions displayed below.]
On January 1, 2024, 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, 2025)
Common Stock
Retained Earnings
Totals
Debit
$26,000
48,000
20,900
55,000
19,500
$169,400
Credit
$5,100
2,400
29,400
59,000
44,000
29,500
$169,400
During January 2024, the following transactions occur.
January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase
date.
January 6 Purchase additional inventory on account, $156,000. ACME uses the perpetual inventory system.
January 15 Firework sales for the first half of the month total $144,000. All of these sales are on account. The cost
of the units sold is $78,300.
January 23 Receive $126,308 from customers on accounts receivable.
January 25 Pay 599,000 to inventory suppliers on accounts payable.
January 28 write off accounts receivable as uncollectible, $5,700.
January 30 Firework sales for the second half of the month total $152,000. Sales include $12,000 for cash and $140,000
on account. The cost of the units sold is $84,000.
January 31 Pay cash for monthly salaries, $52,900.
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