Exercise 8-18 complete the accounting cycle (LO8-1,8-2,8-4,8-6

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Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Debit Credit Accounts Cash $ 26,300 Accounts Receivable 48,600 Allowance for Uncollectible Accounts $ 5,400 Inventory 21,200 Land 58,000 Equipment 21,000 Accumulated Depreciation. 2,700 Accounts Payable 29,700 Notes Payable (6%, due April 1, 2022) Common Stock 62,000 47,000 Retained Earnings 28,300 Totals $175, 100 $175,100 During January 2021, the following transactions occur January 2 Sold gift cards totaling $10,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $159,000. January 15 Firework sales for the first half of the month total $147,000. All of these sales are on account. The cost of the units sold is $79,600. January 23 Receive $126,600 from customers on accounts receivable. January 25 Pay $102,000 to inventory suppliers on accounts payable.. January 20 Write off accounts receivable as uncollectible, $6,000. January 30 Firework sales for the second half of the month total $155,000, Sales include $11,000 for cash and $144,000 on account. The cost of the units sold is $55,500. January 31 Pay cash for monthly salaries, $53,200. Exercise 8-18 Part 1 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No Date General Journal Debit Credit 1 January 02 Cash Deferred Revenue 2 January 06 Accounts Payable 3 January 15 Accounts Receivable Sales Revenue 4 January 15 Cost of Goods Sold Inventory January 23 Accounts Receivable January 25 January 28 January 30 / 1 5 6 7 8 Inventory Cash Accounts Payable Cash Allowance for Uncollectible Accounts Accounts Receivable Cash Accounts Receivable Sales Revenue 10,400 159,000 147,000 79,800 126,600 102,000 6,000 11,000 144,000 10,400 159,000 147,000 79,800 126,600 102,000 6,000 155,000 / 9 10 January 30 January 31 Cost of Goods Sold Inventory Salaries Expense Cash 85.500 53,200 85,500 53,200 Exercise 8-18 Part 2 Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,200 and a two-year service life. The company estimates future uncollectible accounts. The company determines $23,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) Accrued interest expense on notes payable for January. - Accrued income taxes at the end of January are $14,200. By the end of January, $4,200 of the gift cards sold on January 2 have been redeemed. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 January 31 Depreciation Expense Accumulated Depreciation 2 January 31 Bad Debt Expense Allowance for Uncollectible Accounts January 31 Interest Expense January 31 January 31 1 N 3 4 5 Interest Payable Income Tax Expense Income Tax Payable Deferred Revenue Sales Revenue 700 310 14,200 4,200 700 310 14,200 4,200 3. Prepare an adjusted trial balance as of January 31, 2021. ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Credit Accounts Payable Accounts Receivable Accumulated Depreciation Allowance for Uncollectible Accounts Bad Debt Expense Cash Common Stock Cost of Goods Sold Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Expense rest Payable Inventory Land Notes Payable Retained Earnings Salaries Expense Sales Revenue Totals Debit 47,000 21,000 58,000 62,000 28,300 $ 79,000 $ 137,300 Exercise 8-18 Part 4 4. Prepare a multiple-step income statement for the period ended January 31, 2021. ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue Cost of Goods Sold Gross Profit $ Total operating expenses Operating Income Salaries Expense Depreciation Expense Bad Debt Expense Net Income $ 0 0 0 Exercise 8-18 Part 5 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Less Allowance for Uncollectible Accounts 0 Total Current Assets 0 Total Current Liabilities Total Liabilities Total Assets $ 0 Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity S 0 0 0 0 Exercise 8-18 Part 6 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet