Accumulated Depreciation Accounts Assignment | College Homework Help

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: Credit Debit $ 25,700 47,400 $ 4,800 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 20,600 52,000 18,000 2,100 29,100 56,000 41,000 30,700 $163,700 $163,700 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $153,000. January 15 Firework sales for the first half of the month total $141,000. All of these sales are on account. The cost of the units sold is $76,800. January 23 Receive $126,000 from customers on accounts receivable. January 25 Pay $96,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,400. January 30 Firework sales for the second half of the month total $149,000. Sales include $13,000 for cash and $136,000 on account. The cost of the units sold is January 31 Pay cash for monthly salaries, $52,600. 3. Prepare an adjusted trial balance as of January 31, 2021. & Answer is complete but not entirely correct. ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Cash $ 25,300 Accounts Receivable 193,000 Credit Allowance for Uncollectible Accounts 5,412 x 14,300 52,000 18,000 Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable 2,700 86,100 56,000 41,000 30,700 Common Stock Retained Earnings Deferred Revenue Sales Revenue Cost of Goods Sold 9,200 X 290,000 $ Salaries Expense 159,300 52,600 600 6,057 X 280 Depreciation Expense Bad Debt Expense Interest Expense Interest Payable Income Tax Expense Income Tax Payable 280 13,600 13,600 $ 534,992 Totals $ 535,037