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 Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 Credit $5,100 Exercise 8-19 (Algo) Part 3 3. Prepare an adjusted trial balance as of January 31, 2024. 2,400 29,400 59,000 44,000 29,500 $169,400 During January 2024, the following transactions occur. January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $156,000. ACHE uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $144,000. All of these sales are on account. The cost of the units sold is $78,300. January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,700. January 30 Firework sales for the second half of the month total $152,000. Sales include $12,000 for cash and $140,000 on account. The cost of the units sold is $84,000. January 31 Pay cash for monthly salaries, $52,900.
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 Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 Credit $5,100 Exercise 8-19 (Algo) Part 3 3. Prepare an adjusted trial balance as of January 31, 2024. 2,400 29,400 59,000 44,000 29,500 $169,400 During January 2024, the following transactions occur. January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $156,000. ACHE uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $144,000. All of these sales are on account. The cost of the units sold is $78,300. January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,700. January 30 Firework sales for the second half of the month total $152,000. Sales include $12,000 for cash and $140,000 on account. The cost of the units sold is $84,000. January 31 Pay cash for monthly salaries, $52,900.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
Problem 1AP
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