(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 Debit $ 26,100 48,200 Credit $ 5,200 21,000 56,000 20,000 Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (64, due April 1, 2022) 29,500 60, 000 45,000 29, 100 $171, 300 $171, 300 Common Stock Retained Earnings Totals During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,000. The cards are redeenable for nerchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $157,000. January 15 Firework sales for the first half of the month total $145, 000. ALl of these sales are on account. The cost of the units sold is $78,800. January 23 Receive $126,400 from customers on accounts receivable. January 25 Pay $100,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,800. January 30 Firework sales for the second halt of the month total $153,000. Sales include s16,000 for cash and $137,000 on account. The cost of the units sold is $84, 500. January 31 Pay cash for monthly salaries, $53, 000. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,400 and a two-year service life. The company estimates future uncollectible accounts. The company determines $21,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) Accrued interest expense on notes payable for January. Accrued income taxes at the end of January are $14,000. • Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipmes was purchased, the company estimated a residual value of $4,400 and a two-year service life. • The company estimates future uncollectible accounts. The company determines $21,000 of accounts receivable on January 3 past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are r past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) • Accrued interest expense on notes payable for January. • Accrued income taxes at the end of January are $14,000. • By the end of January, $4,000 of the gift cards sold on January 2 have been redeemed.