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

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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	27,100
Accounts Receivable		50,200
Allowance for Uncollectible Accounts					$	6,200
Inventory		22,000
Land		66,000
Equipment		25,000
Accumulated Depreciation						3,500
Accounts Payable						30,500
Notes Payable (6%, due April 1, 2022)						70,000
Common Stock						55,000
Retained Earnings						25,100
Totals	$	190,300			$	190,300

During January 2021, the following transactions occur:

January		2		Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date.
January		6		Purchase additional inventory on account, $167,000.
January		15		Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800.
January		23		Receive $127,400 from customers on accounts receivable.
January		25		Pay $110,000 to inventory suppliers on accounts payable.
January		28		Write off accounts receivable as uncollectible, $6,800.
January		30		Firework sales for the second half of the month total $163,000. Sales include $17,000 for cash and $146,000 on account. The cost of the units sold is $89,500.
January		31		Pay cash for monthly salaries, $54,000.