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Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 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: January 2 Sold gift cards totaling $9,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $154,000. ACME uses the perpetual inventory systen. January 15 Firework sales for the first half of the month total $142,600. All of these sales are on account. The cost of the units sold is $77,300. January 23 Receive $126,100 from customers on accounts receivable. January 25 Pay $97,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,500. January 30 Firework sales for the second hatf of the month total $150,000. Sales include $15,000 for cash and $135,880 on account. The cost of the units sold is $83,808. January 31 Pay cash for nonthly salaries, $52,700. ACME FIREWORKS Classified Balance Sheet