Required information [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 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 26,800 49,600 21,700 63,000 23,500 View transaction list During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. Journal entry worksheet < 1 2 January 6 Purchase additional inventory on account, $164,000. January 15 Firework sales for the first half of the month total $152,000. All of these sales are on account. The cost of the units sold is $82,300. 3 4 5 6 7 Credit 3,200 30,200 67,000 52,000 26,300 $184,600 $184,600 January 23 Receive $127,100 from customers on accounts receivable. January 25 Pay $107,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,500. January 30 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and $149,000 on account. The cost of the units sold is $88,000. January 31 Pay cash for monthly salaries, $53,700. $ 5,900 Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry quired" in the first account field.) 9 Record sale of gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. 10
Required information [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 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 26,800 49,600 21,700 63,000 23,500 View transaction list During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. Journal entry worksheet < 1 2 January 6 Purchase additional inventory on account, $164,000. January 15 Firework sales for the first half of the month total $152,000. All of these sales are on account. The cost of the units sold is $82,300. 3 4 5 6 7 Credit 3,200 30,200 67,000 52,000 26,300 $184,600 $184,600 January 23 Receive $127,100 from customers on accounts receivable. January 25 Pay $107,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,500. January 30 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and $149,000 on account. The cost of the units sold is $88,000. January 31 Pay cash for monthly salaries, $53,700. $ 5,900 Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry quired" in the first account field.) 9 Record sale of gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. 10
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...
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