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

Accounts Debit Credit

Cash $$25,500$

Accounts Receivable $47,000$

Allowance for Uncollectible Accounts $$4,600$

Inventory $20,400$

Land $50,000$

Equipment $17,000$

Accumulated Depreciation $1,900$

Accounts Payable $28,900$

Notes Payable $(6\%,$ due April $1,2025)54,000$

Common Stock $39,000$

Retained Earnings $31,500$

Totals $$159,900$ $$159,900$

During January $2024,$ the following transactions occur:

January $2$ Sold gift cards totaling $$8,800.$ The cards are redeemable for merchandise within one year of the purchase date.

January $6$ Purchase additional inventory on account, $$151,000.$ ACME uses the perpetual inventory system.

January $15$ Firework sales for the first half of the month total $$139,000.$ All of these sales are on account. The cost of the units sold is $$75,800.$

January $23$ Receive $$125,800$ from customers on accounts receivable.

January $25$ Pay $$94,000$ to inventory suppliers on accounts payable.

January $28$ Write off accounts receivable as uncollectible, $$5,200.$

January $30$ Firework sales for the second half of the month total $$147,000.$ Sales include $$12,000$ for cash and $$135,000$ on account. The cost of the units sold is $$81,500.$

January $31$ Pay cash for monthly salaries, $$52,400.$

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.$)$