Exercise $8-19($Static$)$ 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:

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.$

Exercise $8-19($Static$)$ Part $3$

$3.$ Prepare an adjusted trial balance as of January $31,2024.$

Answer is complete but not entirely correct.

$!$

Required information

Exercise $8-19($Static$)$ 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:

$\backslash$table$[[,$Debit,Credit$],[$Accounts$],[],[$Accounts Receivable,,,,$4,200],[$Allowance for Uncollectible Accounts,,$20,000,,],[$Inventory$,,46,000,,],[$Land$,,15,000,,],[$Equipment$,,,,1,500],[$Accumulated Depreciation,,,,$28,500],[$Accounts Payable,,,,$50,000],[$Notes Payable $(6\%,$ due April $1,2025),,,,35,000],[$Common Stock,,,,$33,100],[$Retained Earnings,$$,152,300,$$$,52,300]]$

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 inventorystem.

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 custo.

January $25$ Pay $$90,000$ to inventory s customers on accounts receivable.

January $28$ Write off accounts receivable

January $30$ Firework sales for the second

on account. The cost of the units of the month total $$143,000.$ Sales include $$11,000$ for cash and $$132,000$

January $31$ Pay cash for monthly salaries, $$52,000.$