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

Accounts Debit Credit

Cash $$24,500$

Accounts Receivable $43,000$

Allowance for Uncollectible Accounts $$2,900$

Inventory $43,000$

Land $81,100$

Accounts Payable $28,700$

Notes Payable $(6\%,$ due in $3$ years$)43,000$

Common Stock $69,000$

Retained Earnings $48,000$

Totals $$191,600$ $$191,600$

The $$43,000$ beginning balance of inventory consists of $430$ units, each costing $$100.$ During January $2024,$ Big Blast Fireworks had the following inventory transactions:

January $3$ Purchase $1,150$ units for $$121,900$ on account $($$$106$ each$).$

January $8$ Purchase $1,250$ units for $$138,750$ on account $($$$111$ each$).$

January $12$ Purchase $1,350$ units for $$156,600$ on account $($$$116$ each$).$

January $15$ Return $165$ of the units purchased on January $12$ because of defects.

January $19$ Sell $3,900$ units on account for $$624,000.$ The cost of the units sold is determined using a FIFO perpetual inventory system.

January $22$ Receive $$573,000$ from customers on accounts receivable.

January $24$ Pay $$380,000$ to inventory suppliers on accounts payable.

January $27$ Write off accounts receivable as uncollectible, $$2,200.$

January $31$ Pay cash for salaries during January, $$132,000.$

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 $$3,750$ 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 $$13,600.$

Required:

$1.$ Record each of the transactions listed above, assuming a FIFO perpetual inventory system.

$2.$ Record adjusting enteries on Jan $31$

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