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  3. on january 1, 2024, the general ledger of acme fir

On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:...

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Accounting

On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $25,200 Accounts Receivable 46,400 Allowance for Uncollectible Accounts $4,300 Inventory 20,100 Land 47,000 Equipment 16,000 Accumulated Depreciation 1,600 Accounts Payable 28,600 Notes Payable (6%, due April 1, 2025) 51,000 Common Stock 36,000 Retained Earnings 33,200 Totals $154,700 $154,700 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $148,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first

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