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Exercise $8-19($Algo$)$ Complete the accounting cycle $($LO$8-1,8-2,8-4,8-6)$

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$[$The following information applies to the questions displayed below.$]$

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On January $1,2024,$ the general ledger of ACME Fireworks includes the following account balances:

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AccountsDebitCreditCash$$26,100$Accounts Receivable$48,200$Allowance for Uncollectible Accounts$$$$5,200$Inventory$21,000$Land$56,000$Equipment$20,000$Accumulated Depreciation$2,500$Accounts Payable$29,500$Notes Payable $(6\%,$ due April $1,2025)60,000$Common Stock$45,000$Retained Earnings$29,100$Totals$$171,300$$$171,300$

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During January $2024,$ the following transactions occur:

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January $2$Sold gift cards totaling $$10,000.$ The cards are redeemable for merchandise within one year of the purchase date.January $6$Purchase additional inventory on account, $$157,000.$ ACME uses the perpetual inventory system.January $15$Firework sales for the first half of the month total $$145,000.$ All of these sales are on account. The cost of the units sold is $$78,800.$January $23$Receive $$126,400$ from customers on accounts receivable.January $25$Pay $$100,000$ to inventory suppliers on accounts payable.January $28$Write off accounts receivable as uncollectible, $$5,800.$January $30$Firework sales for the second half of the month total $$153,000.$ Sales include $$16,000$ for cash and $$137,000$ on account. The cost of the units sold is $$84,500.$January $31$Pay cash for monthly salaries, $$53,000.$

Exercise $8-19($Algo$)$ Part $1$

Required:

$1.$ 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.$)$

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Required information

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

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January $2$ Sold gift cards totaling $$10,000.$ The cards are redeemable for merchandise within one year of the purchase

date.

January $6$ Purchase additional inventory on account, $$157,000.$ ACME uses the perpetual inventory system.

January $15$ Firework sales for the first half of the month total $$145,000.$ All of these sales are on account. The cost

of the units sold is $$78,800.$

January $23$ Receive $$126,400$ from customers on accounts receivable.

January $25$ Pay $$100,000$ to inventory suppliers on accounts payable.

January $28$ Write off accounts receivable as uncollectible, $$5,800.$

January $30$ Firework sales for the second half of the month total $$153,000.$ Sales include $$16,000$ for cash and $$137,000$

on account. The cost of the units sold is $$84,500.$

January $31$ Pay cash for monthly salaries, $$53,000.$

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Exercise $8-19($Algo$)$ Part $1$

Required:

$1.$ 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.$)$ Exercise $8-19($Algo$)$ Part $1$

Required:

$1.$ 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.$)$

Journal entry worksheet

Record sale of gift cards totaling $\backslash (\backslash$$ $10,000\backslash ).$ The cards are redeemable for merchandise within one year of the purchase date.

Note: Enter debits before credits.