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Business, 05.05.2020 10:50 loulou6166

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:
Accounts Debit Credit
Cash $ 25,600
Accounts Receivable 47,200
Allowance for
Uncollectible Accounts $ 4,700
Inventory 20,500
Land 51,000
Equipment 17,500
Accumulated Depreciation 2,000
Accounts Payable 29,000
Notes Payable
(6%, due April 1, 2022) 55,000
Common Stock 40,000
Retained Earnings 31,100
Totals $ 161,800 $ 161,800

During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date.
January 6 Purchase additional inventory on account, $152,000.
January 15 Firework sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300.
January 23 Receive $125,900 from customers on accounts receivable.
January 25 Pay $95,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,300.
January 30 Firework sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000.
January 31 Pay cash for monthly salaries, $52,500.

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.)

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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:
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