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Business, 05.05.2020 07:37 Nicolas9979

During January 2021, the following transactions occur:

January 2 Sold gift cards totaling $10,800. The cards are redeemable for merchandise within one year of the purchase date.
January 6 Purchase additional inventory on account, $161,000.
January 15 Firework sales for the first half of the month total $149,000. All of these sales are on account. The cost of the units sold is $80,800.
January 23 Receive $126,800 from customers on accounts receivable.
January 25 Pay $104,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $6,200.
January 30 Firework sales for the second half of the month total $157,000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500.
January 31 Pay cash for monthly salaries, $53,400.
6. Record closing entries

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During January 2021, the following transactions occur:

January 2 Sold gift cards totalin...

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