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 Totals Debit $ 26,800 49,600 21,700 63,000 23,500 View transaction list During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. Journal entry worksheet < 1 2 January 6 Purchase additional inventory on account, $164,000. January 15 Firework sales for the first half of the month total $152,000. All of these sales are on account. The cost of the units sold is $82,300. 3 4 5 6 7 Credit 3,200 30,200 67,000 52,000 26,300 $184,600 $184,600 January 23 Receive $127,100 from customers on accounts receivable. January 25 Pay $107,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,500. January 30 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and $149,000 on account. The cost of the units sold is $88,000. January 31 Pay cash for monthly salaries, $53,700. $ 5,900 Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry quired" in the first account field.) 9 Record sale of gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. 10
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 Totals Debit $ 26,800 49,600 21,700 63,000 23,500 View transaction list During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. Journal entry worksheet < 1 2 January 6 Purchase additional inventory on account, $164,000. January 15 Firework sales for the first half of the month total $152,000. All of these sales are on account. The cost of the units sold is $82,300. 3 4 5 6 7 Credit 3,200 30,200 67,000 52,000 26,300 $184,600 $184,600 January 23 Receive $127,100 from customers on accounts receivable. January 25 Pay $107,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,500. January 30 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and $149,000 on account. The cost of the units sold is $88,000. January 31 Pay cash for monthly salaries, $53,700. $ 5,900 Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry quired" in the first account field.) 9 Record sale of gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. 10
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
Totals
View transaction list
Journal entry worksheet
< 1
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $164,000.
January 15 Firework sales for the first half of the month total $152,000. All of these sales are on account.
The cost of the units sold is $82,300.
January 23 Receive $127,100 from customers on accounts receivable.
January 25 Pay $107,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $6,500.
January 30 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and
$149,000 on account. The cost of the units sold is $88,000.
January 31 Pay cash for monthly salaries, $53,700.
2
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.)
Date
January 02
Note: Enter debits before credits.
Debit
$ 26,800
49,600
Record entry
21,700
63,000
23,500
Record sale of gift cards totaling $ 11,400. The cards are redeemable for
merchandise within one year of the purchase date.
General Journal
Clear entry
Credit
3,200
30,200
67,000
52,000
26,300
$184,600 $184,600
3 4 5 6 7 8 9 10
$ 5,900
Debit
Credit
View general journal
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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
Totals
View transaction list
Journal entry worksheet
< 1
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $164,000.
January 15 Firework sales for the first half of the month total $152,000. All of these sales are on account.
The cost of the units sold is $82,300.
January 23 Receive $127,100 from customers on accounts receivable.
January 25 Pay $107,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $6,500.
January 30 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and
$149,000 on account. The cost of the units sold is $88,000.
January 31 Pay cash for monthly salaries, $53,700.
2
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.)
Date
January 02
Note: Enter debits before credits.
Debit
$ 26,800
49,600
Record entry
21,700
63,000
23,500
Record sale of gift cards totaling $ 11,400. The cards are redeemable for
merchandise within one year of the purchase date.
General Journal
Clear entry
Credit
3,200
30,200
67,000
52,000
26,300
$184,600 $184,600
3 4 5 6 7 8 9 10
$ 5,900
Debit
Credit
View general journal
>
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