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

Accounts Debit Credit
Cash $ 26,200
Accounts Receivable 48,400
Allowance for Uncollectible Accounts $ 5,300
Inventory 21,100
Land 57,000
Equipment 20,500
Accumulated Depreciation 2,600
Accounts Payable 29,600
Notes Payable (6%, due April 1, 2022) 61,000
Common Stock 46,000
Retained Earnings 28,700
Totals $ 173,200 $ 173,200

During January 2021, the following transactions occur:

January 2 Sold gift cards totaling $10,200. The cards are redeemable for merchandise within one year of the purchase date.
January 6 Purchase additional inventory on account, $158,000.
January 15 Firework sales for the first half of the month total $146,000. All of these sales are on account. The cost of the units sold is $79,300.
January 23 Receive $126,500 from customers on accounts receivable.
January 25 Pay $101,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,900.
January 30 Firework sales for the second half of the month total $154,000. Sales include $17,000 for cash and $137,000 on account. The cost of the units sold is $85,000.
January 31 Pay cash for monthly salaries, $53,100.

6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
  

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Answer #1

ACME Fireworks Journal Enteries Date Particulars 2.1.2021 Cash a/c To Unearned Revenue (Sold gift cards) Dr. Debit in $ Credi

Adjusting Enteries Trans. Particulars Depreciation Expense a/c Dr. To Accum. Depre - Equip (To record Depreciation) ( 20500 -

Worksheet For the Month Ending 31.1.2021 Unadjusted Adjustments Adjusted Debit in $ Credit in $ Debit in $ Credit in $ Debit

304100 -164300 139800 Statement of Income For the Month Ending 31.1.2021 Sales Revenue Cost of goods sold Gross Margin Warran

Amounts in $ Amounts in $ Balance sheet As at 31.1.2021 Assets Amounts in $ Amounts in $ Liabilities Current Assets Current L

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