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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	26,600
Accounts Receivable		49,200
Allowance for Uncollectible Accounts					$	5,700
Inventory		21,500
Land		61,000
Equipment		22,500
Accumulated Depreciation						3,000
Accounts Payable						30,000
Notes Payable (6%, due April 1, 2022)						65,000
Common Stock						50,000
Retained Earnings						27,100
Totals	$	180,800			$	180,800

During January 2021, the following transactions occur:

January		2		Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date.
January		6		Purchase additional inventory on account, $162,000.
January		15		Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300.
January		23		Receive $126,900 from customers on accounts receivable.
January		25		Pay $105,000 to inventory suppliers on accounts payable.
January		28		Write off accounts receivable as uncollectible, $6,300.
January		30		Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000.
January		31		Pay cash for monthly salaries, $53,500.

6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date January 31, 2021 Record entry Clear entry View general journal 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the closing entry for expense accounts. Note: Enter debits before credits. General Journal Debit Credit Date January 31, 2021 Record entry Clear entry View general journal

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