On January $1,2024,$ the general ledger of Big Blast Fireworks included the following account balances:

AccountsDebitCreditCash$ $21,900$Accounts receivable$36,500$Allowance for uncollectible accounts$$$ $3,100$Inventory$30,000$Land$61,600$Accounts payable$32,400$Notes payable $(8\%,$ due in $3$ years$)30,000$Common stock$56,000$Retained earnings$28,500$Totals$ $150,000$$ $150,000$

The $$30,000$ beginning balance of inventory consists of $300$ units, each costing $$100.$ During January $2024,$ Big Blast Fireworks had the following inventory transactions:

January $3$Purchased $1,200$ units for $$126,000$ on account $($$$105$ each$).$January $8$Purchased $1,300$ units for $$143,000$ on account $($$$110$ each$).$January $12$Purchased $1,400$ units for $$161,000$ on account $($$$115$ each$).$January $15$Returned $100$ of the units purchased on January $12$ because of defects.January $19$Sold $4,000$ units on account for $$600,000.$ The cost of the units sold is determined using a FIFO perpetual inventory system.January $22$Received $$580,000$ from customers on accounts receivable.January $24$Paid $$410,000$ to inventory suppliers on accounts payable.January $27$Wrote off accounts receivable as uncollectible, $$2,500.$January $31$Paid cash for salaries during January, $$128,000.$

The following information is available on January $31,2024.$

At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $$100$ each.

At the end of January, $$4,000$ 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 $4\%$ will not be collected.

Accrued interest expense on notes payable for January. Interest is expected to be paid each December $31.$

Accrued income taxes at the end of January are $$12,300.$

$1.$ Record each of the transactions listed above in the "General Journal" tab $($these are shown as items $1-10)$ assuming a$$perpetual FIFO inventory system. Review the "General Ledger" and the "Trial Balance" tabs to see the effect of the transactions on the account balances.

$2.$ Record adjusting entries on$$January $31$ in the "General Journal" tab $($these are shown as items $11-14).$

$3.$ Review the adjusted "Trial Balance" as of January $31,2024,$ in the "Trial Balance" tab.

$4.$ Prepare a multiple$-$step income statement for the period ended January $31,2024,$ in the "Income Statement" tab.

$5.$ Prepare a classified balance sheet as of January $31,2024,$ in the "Balance Sheet" tab.

$6.$ Record the closing entries in the "General Journal" tab $($these are shown as items $15-16).$

$7.$ Using the information from the requirements above, complete the "Analysis" tab.