Answer and Explanation:
The journal entries are shown below:
1. Cash Dr $9,000
   To Deferred revenue $9,000
(Being the deferred revenue is recorded)
2. Inventory $152,000
    To Account payable $152,000
(Being the inventory purchased on account is recorded)
3. Account receivable $140,000
     To Sales revenue $140,000
(Being the sales revenue is recorded)
Cost of goods sold Dr $76,300
   To Inventory $76,300
(Being the cost of goods is recorded)
4. Cash Dr $125,900
   To Account receivable $125,900
(Being cash received is recorded)
5. Account payable $95,000
    To Cash$95,000
(Being the cash paid is recorded)
6. Allowance for uncollectible accounts $4,700
  Bad debt  $600
     To Account receivable $5,300
(Being the bad debt expense is recorded)
Cash $10,000
  Account receivable $138,000
      To Sales revenue $148,000
(Being the cash received is recorded)
7. Salaries expense $52,500
     To cash $52,500
(being the salaries expense is recorded)
The recording of journal entries in the books of accounts is the first step of the accounting cycle. It records all the business transactions those are of monetary nature. The transactions are recorded in the chronological order using the double entry book keeping system.
The journal entries in the books of ACME Fireworks for the month of January is attached in the image below.
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