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Required information Exercise 8-19 (Static) 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 $ 25,100 46,200 20,000 46,000 15,000 $ 152,300 Credit $ 4,200 1,500 28,500 50,000 35,000 33,100 $152,300 During January 2024, the following transactions occur; January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $135,000. All of these sales are on account. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable.. January 28 Write off accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000.

Required information Exercise 8-19 (Static) 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 $ 25,100 46,200 20,000 46,000 15,000 $ 152,300 Credit $ 4,200 1,500 28,500 50,000 35,000 33,100 $152,300 During January 2024, the following transactions occur; January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $135,000. All of these sales are on account. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable.. January 28 Write off accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000.

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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(7) es ! Required information Exercise 8-19 (Static) 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 $ 25,100 46,200 20,000 46,000 15,000 $ 152,300 Credit $ 4,200 1,500 28,500 50,000 35,000 33,100 $152,300 During January 2024, the following transactions occur January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date.. January 6 Purchase additional inventory on account, $147,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $135,000. All of these sales are on account. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable.. January 28 Write off accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000.
Transcribed Image Text:(7) es ! Required information Exercise 8-19 (Static) 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 $ 25,100 46,200 20,000 46,000 15,000 $ 152,300 Credit $ 4,200 1,500 28,500 50,000 35,000 33,100 $152,300 During January 2024, the following transactions occur January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date.. January 6 Purchase additional inventory on account, $147,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $135,000. All of these sales are on account. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable.. January 28 Write off accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000.
7 1 Exercise 8-19 (Static) Part 6 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ac field.) View transaction list Journal entry worksheet 1 Record the entry to close the revenue accounts. 2 Note: Enter debits before credits. Date January 31, 2024 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:7 1 Exercise 8-19 (Static) Part 6 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ac field.) View transaction list Journal entry worksheet 1 Record the entry to close the revenue accounts. 2 Note: Enter debits before credits. Date January 31, 2024 Record entry General Journal Clear entry Debit Credit View general journal
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