Answer:
TNT Fireworks
1. Adjusting Entries on January 31:
Accounts                              Debit         Credit
a. Depreciation Expense     $375
Accumulated Depreciation                $375
b. Uncollectible Expense   $5,620
Allowance for Uncollectible Accounts $5,620
c. Accrued interest revenue $120
Interest Revenue                                 $120
d. Salaries Expense           $34,000
Salaries payable                                 $34,000
e. Income Tax Expense     $10,400
Income tax payable                            $10,400
2. Adjusted Trial Balance as of January 31, 2021:
Accounts                              Debit         Credit
Cash                                   $ 2,600
Accounts Receivable       238,400
Allowance for Uncollectible Accounts $9,220
Inventory                            12,600
Notes Receivable
 (5%, due in 2 years)        28,800
Land                                169,000
Equipment                       20,900
Accumulated Depreciation                      375
Depreciation Expense         375
Salaries Expense           65,200
Utilities Expense             17,900
Income Tax Expense     10,400
Uncollectible Expense   5,620
Accounts Payable                             102,200
Salaries Payable                                34,000
Income Taxes Payable                      10,400
Common Stock                              234,000
Retained Earnings                           69,600
Sales Revenue                              234,000
Interest Revenue                                  120
Accrued Interest
 Receivable                      120
Cost of Goods Sold 122,000
Total                      $693,925  $693,915
3. Multi-step Income Statement for the period ended January 31, 2021:
Sales Revenue                              234,000
Cost of goods sold                        122,000
Gross profit                                  $112,000
Interest Revenue                                 120
Total revenue                              $112,120
Depreciation Expense         375
Salaries Expense           65,200
Utilities Expense             17,900
Uncollectible Expense   5,620  $89,095
Income before tax                      $23,025
Income Tax Expense                    10,400
Net Income                                 $12,625
Retained Earnings, January 1     69,600
Retained Earnings, January 31 $82,225
4. Classified Balance Sheet as of January 31, 2021:
Assets:
Cash                                                   $ 2,600
Accounts Receivable       238,400
Uncollectible Accounts       9,220   229,180
Accrued Interest Receivable                   120
Inventory                                             12,600
Current assets                              $244,500
Notes Receivable
 (5%, due in 2 years)         28,800
Land                                  169,000
Equipment            20,900
Accumulated Dep.     375 20,525  218,325
Total assets                                  $462,825
Liabilities:
Accounts Payable           102,200
Salaries Payable               34,000
Income Taxes Payable     10,400 $146,600
Equity:
Common Stock             234,000
Retained Earnings          82,225  $316,225
Total liabilities and Equity           $462,825
5. Closing Journal Entries:
Accounts                              Debit         Credit
Income Summary             $221,495
Depreciation Expense                                  375
Salaries Expense                                    65,200
Utilities Expense                                      17,900
Income Tax Expense                              10,400
Uncollectible Expense                             5,620
Cost of Goods Sold                             122,000
To close temporary accounts to the income summary.
Sales Revenue                 234,000
Interest Revenue                     120
Income Summary                              $234,120
To close temporary accounts to the income summary.
Cash                                   $ 2,600
Accounts Receivable       238,400
Inventory                             12,600
Notes Receivable
 (5%, due in 2 years)         28,800
Accrued Interest
 Receivable                             120
Land                                169,000
Equipment                       20,900
Allowance for Uncollectible Accounts $9,220
Accumulated Depreciation                        375
Accounts Payable                               102,200
Salaries Payable                                   34,000
Income Taxes Payable                         10,400
Common Stock                                 234,000
Retained Earnings                              82,225
To close permanent accounts to the balance sheet.
Explanation:
a) Data and Calculations:
Accounts                              Debit         Credit
Cash                                 $ 60,100
Accounts Receivable         27,800
Allowance for
  Uncollectible Accounts                       $ 3,600
Inventory                            37,700
Notes Receivable
  (5%, due in 2 years)        28,800
Land                                 169,000
Accounts Payable                                  16,200
Common Stock                                   234,000
Retained Earnings                                69,600
Totals                          $ 323,400   $ 323,400
See workings attached.