Exercise 8-18 Complete the accounting cycle (LOB-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances Accounts Debit Credit Cash $ 25,200 46,400 Accounts Receivable Allowance for Uncollectible $ 4,300 Accounts 20,100 Inventory Land 47,000 Equipment 16,000 Accumulated Depreciation Accounts Payable 1,600 28,600 Notes Payable (6%, due April 1, 2022) 51,000 Common Stock 36,000 Retained Earnings 33,200 Totals $154,700 $154,700 During January 2021, the following transactions occur January 2 Sold gift cards totaling $8,208. The cards are redeemable for merchandise within one year of the purchase date.. January 6 Purchase additional inventory on account, $148,000. January 15 Firework sales for the first half of the month total $136,000. All of these sales are on account. The cost of the units sold is $74,300. January 23 Receive $125,500 from customers on accounts receivable. January 25 Pay $91,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $4,900. January 30 Firework sales for the second half of the month total $144,000. Sales include $10,000 for cash and $134,800 on account. The cost of the units sold is $80,000. January 31 Pay cash for monthly salaries, $52,100. Exercise 8-18 Part 6 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the closing entry for revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021 Sales Revenue Service Revenue View general journal Record entry Clear entry