record the following scenario:
On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Accounts Payable
Notes Payable (9%, due in 3 years)
Common Stock
Retained Earnings
Totals
Debit
$22,300
37,500
32,000
64,600
$156,400
Credit
$3,500
31,400
32,000
58,000
31,500
$156,400
The $32,000 beginning balance of inventory consists of 320 units, each costing $100. During January 20
Fireworks had the following inventory transactions:
January 3 Purchase 1,100 units for $117,700 on account ($107 each).
January 8 Purchase 1,200 units for $134,400 on account ($112 each).
January 12 Purchase 1,300 units for $152,100 on account ($117 each).