(Solved):  On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account ...

 

On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:

 

Accounts	Debit	Credit
Cash	$ 21,900
Accounts Receivable	36,500
Allowance for Uncollectible Accounts		$ 3,100
Inventory	30,000
Land	61,600
Accounts Payable		32,400
Notes Payable (8%, due in 3 years)		30,000
Common Stock		56,000
Retained Earnings		28,500
Totals	$ 150,000	$ 150,000

 

The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions:

 

January 3	Purchase 1,200 units for $126,000 on account ($105 each).
January 8	Purchase 1,300 units for $143,000 on account ($110 each).
January 12	Purchase 1,400 units for $161,000 on account ($115 each).
January 15	Return 100 of the units purchased on January 12 because of defects.
January 19	Sell 4,000 units on account for $600,000. The cost of the units sold is determined using a FIFO perpetual inventory system.
January 22	Receive $580,000 from customers on accounts receivable.
January 24	Pay $410,000 to inventory suppliers on accounts payable.
January 27	Write off accounts receivable as uncollectible, $2,500.
January 31	Pay cash for salaries during January, $128,000.

 

The following information is available on January 31, 2024.

At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.]

The company records an adjusting entry for $3,000 for estimated future uncollectible accounts.

The company accrues interest on notes payable for January. Interest is expected to be paid each December 31.

The company accrues income taxes at the end of January of $12,300.

 

I have completed questions 1 and 2 but i need help on questions 3, 4, 4, and 6 . 

 

 

Required: 1. Record each of the transactions IIsted above, assuming a FIFO perpetual Inventory system. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the flrst account fleld.) 2. Record adjusting entries on January 31 for the above transactions. (If no entry Is requlred for a transactlon/event, sele Journal Entry Requlred" In the first account fleld.) 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare a multiple-step income statement for the period ended January 31,2024 . 4. Prepare a multiple-step income statement for the period ended January 31, 2024. 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in field.) Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. 6. Record closing entries. (If no entry Is requlred for a transaction/event, select "No journal entry required" In the flrst account fleld.) Journal entry worksheet Note: Enter debits before credits.