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On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Inventory Land Allowance for Uncollectible Accounts Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Debit $ 24,300 42,500 42,000 79,600 Totals $ 188,40 0 Credit 2,700 29,200 42,000 68,000 46,500 $ 188,40 0 The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: January 3 January 8 January 12 January 15 January 19 January 22 January 24 January 27 Purchase 1,050 units for $115,500 on account ($110 each). Purchase 1,150 units for $132,250 on account ($115 each). Purchase 1,250 units for $150,000 on account ($120 each). Return 160 of the units purchased on January 12 because of defects. Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO perpetual inventory system. Receive $529,000 from customers on accounts receivable. Pay $359,000 to inventory suppliers on accounts payable. Write off accounts receivable as uncollectible, $2,100. January 31 Pay cash for salaries during January, $110,000. 1. Record the adjustment for inventory to net realizable value. The company estimates that the remaining units of inventory are expected to sell in February for only $100 each. - How much is bad debt expense? 2. Record the adjustment needed for the allowance for uncollectible accounts at the end of January. $5,200 of accounts receivable are past due, and the company estimates that 30% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. - How much is bad debt expense 3. Record the entry to close the expense accounts 4. 5. Create a trial-balance as of January,31,2018 (unadjusted,adjusted, and pos Prepare a multiple-step income statement for the period ended January 31, 2018(unadjusted,adjusted, and post-closing) 6. Prepare a classified balance sheet as of January 31, 2018 (unadjusted,adjusted, and post-closing) 7. Using the information from the requirements above, complete the 'Analysis' tab