Question: could i get some help on this On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $37,000


On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $37,000 beginning balance of inventory corisists of 370 units, each costing $100. During January 2024 , Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,600 units for $168,000 on account ( $105 each). January 8 Purchase 1,700 units for $187,000 on account ( $110 each). January 12 purchase 1,800 units for $207,000 on account ($115 each). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sel1 5,200 unita on account for $780,000. The cost of the units sold is determined using a FrFo porpetual inventory syatem. January 22 Receive $753,000 fron customers on accounts receivable. January 24 Pay $520,000 to inventory suppliers on accounts payable. January 27 Write of accounts receivable as uncollectible, $3,200. January 31 Pay cash for salaries during January, $121,000. The following information is available on January 31,2024. a. At the end of January, the company estimates that the femaining units of inventory purchosed on January 12 are expected to sell in February for only $100 each. [Hint Determine the number of units rembining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $3,300 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31 d. The company accrues income taxes at the end of January of $13,000. 6. Record closing entries, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits
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