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Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) On January 1, 2021, the general ledger of ACME Fireworks includes the followine arrount balances: During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandiso within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. January 15 Firework sales for the firat half of the month total $135,000, A11 of these sales are on aceount. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. $ales inelude $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000. Eercise 8-18 Part 3 Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8.4, 8-6) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. January 15 Firework sales for the first half of the month total $135,000. Nl1 of these sales are on account. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $4,800. January 28 Write off accounts receivable as uncoliectible, $4,800. Firework sales for the second half of the month total $143,000. Sales include $11,000 tor eash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000. 4. Prepare a multiple-step income statement for the period ended January 31, 2021

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