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Need help filling out the general journal and analysis. Please read and answer carefully.

The general journal has 17 steps and I WROTE THEM OUT BELOW. Please address EACH STEP.

1. Record sale of gift cards totaling $10,600. The cards are redeemable for merchandise within one year of the purchase date.

2. Record purchase of additional inventory on account, $160,000.

3. Record fireworks sales for the first half of the month totaling $148,000. All of these sales are on account.

4. Record the cost of the units sold is $80,300.

5. Record receipt of $126,700 from customers on accounts receivable.

6. Record payment of $103,000 to inventory suppliers on accounts payable.

7. Record write-off of accounts receivable as uncollectible, $6,100.

8. Record fireworks sales for the second half of the month totaling $156,000. Sales include $15,000 for cash and $141,000 on account.

9. Record the cost of the units sold of $86,000.

10. Record payment of cash for monthly salaries, $53,300.

11. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,700 and a two-year service life. Prepare the adjusting entry for depreciation.

12. The company estimates future uncollectible accounts. The company determines $24,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Prepare the adjusting entry for uncollectible accounts.

13. Accrued interest expense on notes payable for January. Prepare the adjusting entry for interest.

14. Accrued income taxes at the end of January are $14,300. Prepare the adjusting entry for income tax.

15. By the end of January, $4,300 of the gift cards sold on January 2 have been redeemed. Prepare the adjusting entry for gift cards redeemed.

16. Prepare the closing entry for revenue.

17. Prepare the closing entry for expenses.

The analysis portion is in the image below.

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 26,400 48,800 $ 5,500 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 21,300 59,000 21,500 2,800 29,800 63,000 48,000 27,900 $177,000 $177,000 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,600. The cards are redeemable for merchandise within one year of the purchase date January 6 Purchase additional inventory on account, $160,000. January 15 Firework sales for first of the month total Al of these sales on account. cost of the units sold is $80,300. January 23 Receive $126,700 from customers on accounts receivable. January 25 Pay $103,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,100. January 30 Firework sales for the second half of the month total $156,000. Sales include $15,000 for cash and $141,000 on account. The cost of the units sold is $86,000. January 31 Pay cash for monthly salaries, $53,300. The following information is available on January 31. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,700 and a two-year service life. b. The company estimates future uncollectible accounts. The company determines $24,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) C. Accrued interest expense on notes payable for January. d. Accrued income taxes at the end of January are $14,300. e. By the end of January, $4,300 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. (Calculate the ratios to the nearest 1 decimal place.) Analyze the following for ACME Fireworks: (a) Calculate the current ratio at the end of January. If the average current ratio for the industry is 1.8, is ACME Fireworks more or less liquid than the industry average? The current ratio is: Is the company more or less liquid than the industry average? (b) Calculate the acid-test ratio at the end of January. If the average acid-test ratio for the industry is 1.5, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? The acid-test ratio is: Is the company more or less likely to have difficulty paying its currently maturing debts? (c) Assume the notes payable were due on April 1, 2021, rather than April 1, 2022. Calculate the revised current ratio at the end of January, and indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a). The revised current ratio is Indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a).

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