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! 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 Debit Credit Cash $26,000 Accounts Receivable 48,000 Allowance for Uncollectible Accounts $5,100 Inventory 20,900 Land 55,000 Equipment 19,500 Accumulated Depreciation 2,400 Accounts Payable 29,400 Notes Payable (6%, due April 1, 2025) 59,000 Common Stock 44,000 Retained Earnings 29,500 Totals $169,400 $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. ACME 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. Exercise 8-19 (Algo) Part 3 3. Prepare an adjusted trial balance as of January 31, 2024.

! 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 Debit Credit Cash $26,000 Accounts Receivable 48,000 Allowance for Uncollectible Accounts $5,100 Inventory 20,900 Land 55,000 Equipment 19,500 Accumulated Depreciation 2,400 Accounts Payable 29,400 Notes Payable (6%, due April 1, 2025) 59,000 Common Stock 44,000 Retained Earnings 29,500 Totals $169,400 $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. ACME 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. Exercise 8-19 (Algo) Part 3 3. Prepare an adjusted trial balance as of January 31, 2024.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...
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! 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 Debit $26,000 Credit Accounts Receivable 48,000 Allowance for Uncollectible Accounts $5,100 Inventory 20,900 Land 55,000 Equipment 19,500 Accumulated Depreciation 2,400 Accounts Payable 29,400 Notes Payable (6%, due April 1, 2025) 59,000 Common Stock 44,000 Retained Earnings 29,500 Totals $169,400 $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. ACME 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. Exercise 8-19 (Algo) Part 3 3. Prepare an adjusted trial balance as of January 31, 2024.
Transcribed Image Text:! 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 Debit $26,000 Credit Accounts Receivable 48,000 Allowance for Uncollectible Accounts $5,100 Inventory 20,900 Land 55,000 Equipment 19,500 Accumulated Depreciation 2,400 Accounts Payable 29,400 Notes Payable (6%, due April 1, 2025) 59,000 Common Stock 44,000 Retained Earnings 29,500 Totals $169,400 $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. ACME 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. Exercise 8-19 (Algo) Part 3 3. Prepare an adjusted trial balance as of January 31, 2024.
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