1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal EntryRequired" in the first account field.):***:View transaction listView journal entry worksheetNoDateGeneral JournalDebitCredit1January 02Cash9,600Deferred Revenue9,600January 06Inventory155,000Accounts Payable155,0003January 15Accounts Receivable143,000143,0004January 15Cost of Goods Sold77,800Inventory77,8005January 23Cash126,200Accounts Receivable126,2006January 25Accounts Payable98,000Cash98,0007January 28Allowance for Uncollectible Accounts5,600Accounts Receivable5,600Ionuan 30ICoch1A 000 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:Debit$ 25,90047,800AccountsCreditCashAccounts ReceivableAllowance for Uncollectible Accounts$ 5,000InventoryivenLand20,80054,00019,000EquipmentAccumulated DepreciationAccounts PayableNotes Payable (6%, due April 1, 2022)2,30029,30058,00043,000Common StockRetained Earnings29,900Totals$167,500$167,500During January 2021, the following transactions occur:January2 Sold gift cards totaling $9,600. The cards are redeemable for merchandise within one year of thepurchase date.6 Purchase additional inventory on account, $155,000.JanuaryJanuary 15 Firework sales for the first half of the month total $143,000. All of these sales are on account.The cost of the units sold is $77,800.January 23 Receive $126,200 from customers on accounts receivable.January 25 Pay $98,000 to inventory suppliers on accounts payable.January 28 Write off accounts receivable as uncollectible, $5,600.January 30 Firework sales for the second half of the month total $151,000. Sales include $14,000 for cash and$137,000 on account. The cost of the units sold is $83,500.January 31 Pay cash for monthly salaries, $52,800.

Journal Entry A journal entry is a record of the business transactions within the accounting books…

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 Debit Credit $ 25,900 47,800 Cash Accounts Receivable $ 5,000 Allowance for Uncollectible Accounts 20,800 54,000 19,000 Inventory Land Equipment Accumulated Depreciation 2,300 29,300 58,000 Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 43,000 29,900 Totals $167,500 $167,500 uring January 2021, the following transactions occur: anuary 2 Sold gift cards totaling $9,600. The cards are redeemable for merchandise within one year of the purchase date. anuary 6 Purchase additional inventory on account, $155,000. anuary 15 Firework sales for the first half of the month total $143,000. All of these sales are on account. The cost of the units sold is $77,800. anuary 23 Receive $126,200 from customers on accounts receivable. anuary 25 Pay $98,000 to inventory suppliers on accounts payable. anuary 28 Write off accounts receivable as uncollectible, $5,600. anuary 30 Firework sales for the second half of the month total $151,000. Sales include $14,000 for cash and $137.00 0 on aggount The cost of the unit s sold is $83.500

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 Debit Credit $ 25,900 47,800 Cash Accounts Receivable $ 5,000 Allowance for Uncollectible Accounts 20,800 54,000 19,000 Inventory Land Equipment Accumulated Depreciation 2,300 29,300 58,000 Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 43,000 29,900 Totals $167,500 $167,500 uring January 2021, the following transactions occur: anuary 2 Sold gift cards totaling $9,600. The cards are redeemable for merchandise within one year of the purchase date. anuary 6 Purchase additional inventory on account, $155,000. anuary 15 Firework sales for the first half of the month total $143,000. All of these sales are on account. The cost of the units sold is $77,800. anuary 23 Receive $126,200 from customers on accounts receivable. anuary 25 Pay $98,000 to inventory suppliers on accounts payable. anuary 28 Write off accounts receivable as uncollectible, $5,600. anuary 30 Firework sales for the second half of the month total $151,000. Sales include $14,000 for cash and $137.00 0 on aggount The cost of the unit s sold is $83.500

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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