Required information Exercise 8-18 Complete the accounting cycle(LO8-1, 8-2, 8-4, 8-6) On January 1, 2021, the general ledger ofACME Fireworks includes the following account balances: AccountsDebit Credit Cash $ 25,100 Accounts Receivable 46,200 Allowance forUncollectible Accounts $ 4,200 Inventory 20,000 Land 46,000Equipment 15,000 Accumulated Depreciation 1,500 Accounts Payable28,500 Notes Payable (6%, due April 1, 2022) 50,000 Common Stock35,000 Retained Earnings 33,100 Totals $ 152,300 $ 152,300 DuringJanuary 2021, the following transactions occur: January 2 Sold giftcards totaling $8,000. The cards are redeemable for merchandisewithin one year of the purchase date. January 6 Purchase additionalinventory on account, $147,000. January 15 Firework sales for thefirst half of the month total $135,000. All of these sales are onaccount. 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 28Write off accounts receivable as uncollectible, $4,800. January 30Firework sales for the second half of the month total $143,000.Sales include $11,000 for cash and $132,000 on account. The cost ofthe units sold is $79,500. January 31 Pay cash for monthlysalaries, $52,000. Exercise 8-18 Part 1 1. Record each of thetransactions listed above. (If no entry is required for aparticular transaction/event, select \"No Journal Entry Required\" inthe first account field.)