Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [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 Allow nce for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,700 49,400 21,600 62,000 23,000 $182,700 S 11-11- Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $11,200. The cards are redeemable for merchandise within one the purchase date. $5,800 January 6 Purchase additional inventory on account, $163,000. ACME uses the perpetual inventory January 15 Firework sales for the first half of the month total $151,000. All of these sales are account. The cost of the units sold is $81,800. January 23 Receive $127,000 from customers on accounts receivable. January 25 Pay $106,000 to inventory suppliers on accounts payable. NO ALIFA 441 100 & C 3,100 30, 00 66,00 51,000 26,700 $182,700
Journal entry worksheet 1. The company has accrued interest on notes payable for January. Note: Enter debits before credits. [The following information applies to the questions displayed below] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024 , the following transactions occur: ganuary 2 sold gift carde totaling $11,200, The cards are redeemable for merchandise within one year of the purchase date. January is Firework sales for the first balf of the month total $151,000. A21 of thene salea are on account. The cost of the unito sold is $81,800. IAnuary 23 Receive $127,000 from customera on accounta recaivable. fanuary 25 Pay 5106,000 to inventory suppliers on accounts payable. Januaxy 2 Write off accounts recelvable an uncollectible, $6,400. January 30 rirework balon for the second half of the month total, $159,000, 5alen include $13,000 for cait and $146,000 on account. The cost of the unita sold in $87,500. Jenuary 3t pay oanh for monthly anlarien, $53,600. Journal entry worksheet (3) (4) (5) 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 $5,000 and a two-year service life. Record the depreciation for the month of January. Note: Enter debits before credits. - 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 $5,000 and a two-year service life. - The company records an adjusting entry for $16,140 for estimated future uncollectible accounts. - The company has acerued interest on notes payable for January. - The company has accrued income taxes at the end of January of $14,600 - By the end of January, $4,600 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event. select "No Journal Entry Required" in the first account field.) Journal entry worksheet 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 $5,000 and a two-year service fife. Record the depreciation for the month of January. Note: Enter debits before crodits. Journal entry worksheet (5) The company records an adjusting entry for $16,140 for estimated future uncollectible accounts. Note: Enter debits before credits 
