Required information [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 (68, due April 1, 2025) Common Stock Retained Earnings Totals Debit $27,000 50,000 3. Prepare an adjusted trial balance as of January 31, 2024. 21,900 65,000 24,500 $188,400 Credit $6,100 3,400 30,400 69,000 54,000 25,500 $188,400 During January 2024, the following transactions occur: January 2 Sold gift carda totaling $11,800. The cards are redeenable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $166,000. ACHE uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account. The cost of the units sold is $83,300. January 23 Receive $127,300 from customers on accounts receivable. January 25 Pay $109,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,700. January 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and $152,000 on account. The cost of the units sold is $89,000. January 31 Pay cash for monthly salaries, 553,900.
Required information [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 (68, due April 1, 2025) Common Stock Retained Earnings Totals Debit $27,000 50,000 3. Prepare an adjusted trial balance as of January 31, 2024. 21,900 65,000 24,500 $188,400 Credit $6,100 3,400 30,400 69,000 54,000 25,500 $188,400 During January 2024, the following transactions occur: January 2 Sold gift carda totaling $11,800. The cards are redeenable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $166,000. ACHE uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account. The cost of the units sold is $83,300. January 23 Receive $127,300 from customers on accounts receivable. January 25 Pay $109,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,700. January 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and $152,000 on account. The cost of the units sold is $89,000. January 31 Pay cash for monthly salaries, 553,900.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[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 (68, due April 1, 2025)
Common Stock
Retained Earnings.
Totals
Debit
$27,000
50,000
21,900
65,000
24,500
3. Prepare an adjusted trial balance as of January 31, 2024.
$188,400
Credit
$6,100
3,400
30,400
69,000
54,000
25,500
$188,400
During January 2024, the following transactions occur:
January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $166,000. ACME uses the perpetual inventory system.
January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account.
The cost of the units sold in $83,300.
January 23 Receive $127,300 from customers on accounts receivable.
January 25 Pay $109,000 to inventory suppliers on accounts payable.
January 28 Weite off accounts receivable as uncollectible, 56,700.
January 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and t
$152,000 on account. The cost of the units sold in $89,000.
January 31 Pay cash for monthly salaries, 553,900.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37090eef-025f-4619-bebd-91b936ece1eb%2Fefb46aa6-695e-4eb2-afe9-a2c3fd387af3%2Fi6apibt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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 (68, due April 1, 2025)
Common Stock
Retained Earnings.
Totals
Debit
$27,000
50,000
21,900
65,000
24,500
3. Prepare an adjusted trial balance as of January 31, 2024.
$188,400
Credit
$6,100
3,400
30,400
69,000
54,000
25,500
$188,400
During January 2024, the following transactions occur:
January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $166,000. ACME uses the perpetual inventory system.
January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account.
The cost of the units sold in $83,300.
January 23 Receive $127,300 from customers on accounts receivable.
January 25 Pay $109,000 to inventory suppliers on accounts payable.
January 28 Weite off accounts receivable as uncollectible, 56,700.
January 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and t
$152,000 on account. The cost of the units sold in $89,000.
January 31 Pay cash for monthly salaries, 553,900.
Transcribed Image Text:ormation
ACME Fireworks
Adjusted Trial Balance
January 31, 2024
Accounts
Totals
Debit
Credit
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