Question: i need help solving for cash, accounts recievable, allowance for uncollectiblr accounts, accounts payable, and cost of goods sold. pleeease Required information Exercise 6-21 Complete

i need help solving for cash, accounts recievable, allowance for uncollectiblr accounts, accounts payable, and cost of goods sold. pleeease
i need help solving for cash, accounts recievable, allowance for uncollectiblr accounts,
accounts payable, and cost of goods sold. pleeease Required information Exercise 6-21
Complete the accounting cycle using inventory transactions (L06-2, 6-3, 6-5, 6-6, 6-7)

Required information Exercise 6-21 Complete the accounting cycle using inventory transactions (L06-2, 6-3, 6-5, 6-6, 6-7) (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (98, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 25,900 46,500 $ 4,300 50,000 91,600 25,200 50,000 76,000 58,500 $ 214,000 $214,000 The $50,000 beginning balance of inventory consists of 500 units, each costing $100. During January 2021. Big Blast Fireworks had the following Inventory transactions: January 3 Purchase 1,850 units for $209, 050 on account ($113 each). January 8 Purchase 1,950 units for $230,100 on account ($118 each). January 12 Purchase 2,050 units for $252, 150 on account ($123 each). January 15 Return 200 of the units purchased on January 12 because of defects. January 19 Sell 6,000 units on account for $900,000. The cost of the units sold is determined using a FIFO perpetual Inventory system. January 22 Receive $881,000 from customers on accounts receivable. January 24 Pay $650,000 to inventory suppliers on accounts payable. January 27 Write oft accounts receivable as uncollectible, $2,900. January 31 Pay cash for salaries during January, $139,000. The following information is available on January 31, 2021. a. At the end of January, the company estimates that the remaining units of Inventory are expected to sell in February for only $100 each. b. The company estimates future uncollectible accounts. The company determines $6,000 of accounts receivable on January 31 are past due, and 40% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) c. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. d. Accrued Income taxes at the end of January are $14,300. Exercise 6-21 Part 3 a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in Feoruary for only $100 each, b. At the end of January, $6,000 of accounts receivable are past due, and the company estimates that 40% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected c. Accrued interest expense on notes payable for January, Interest is expected to be paid each December 31, d. Accrued Income taxes at the end of January are $14,300. 3. Prepare an adjusted trial balance as of January 31, 2021. Answer is not complete. BIG BLAST FIREWORKS Aral Trial Ralanna G nation BIG BLAST FIREWORKS Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Cash $ 99,010 X 87.657 X 15,000 91,600 4,425 % 50,000 375 Accounts receivable Inventory Land Allowance for uncollectible accounts Accounts payable Notes payable Interest payable Income tax payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Interest expense Income tax expense 14,300 76,000 58,500 900,000 687,000 X 139,000 375 14,300 Totals $1,133,942 $ 1,103,600

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