Exercise $8-19($Algo$)$ Part $5$ Required information

Exercise $8-19($Algo$)$ Complete the accounting cycle $($LO$8-1,8-2,8-4,8-6)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ the general ledger of ACME Fireworks includes the following account balances:

During January $2024,$ the following transactions occur:purchase date.

January $6$ Purchase additional inventory on account, $$152,000.$ AcME uses the perpetual inventory system.

January $15$ Firework sales for the first half of the month total $$140,000.$ All of these sales are on account.

The cost of the units sold is $$76,300.$

January $23$ Receive $$125,900$ from customers on accounts receivable.

January $25$ Pay $$95,000$ to inventory suppliers on accounts payable.

January $28$ Write off accounts receivable as uncollectible, $$5,300.$

January $30$ Firework sales for the second half of the month total $$148,000.$ Sales include $$10,000$ for cash and

$$138,000$ on account. The cost of the units sold is $$82,000.$

January $31$ Pay cash for monthly salaries, $\}$$$52,500\backslash$mathrm$\{.$

Prepare a classified balance sheet as of January $31,2024.($Enter the asset accounts in order of liquidity. Amounts to be deducted

should be indicated with a minus sign.$)$