1. Provide services to customers for cash, $36,100. 2. Provide services to customers on account, $73,400. 3. Write off accounts receivable as uncollectible, $800. 4. Pay cash for salaries, $31,500. 5. Receive cash on accounts receivable, $71,000. 6. Pay cash on accounts payable, $5,600. 7. Pay cash for utilities during January, $13,800. 8. The company estimates future uncollectible accounts. The company determines $5,100 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record the adjusting entry for uncollectible accounts. 9. Supplies at the end of January total $750. Record the adjusting entry for supplies. 10. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. Record the adjusting entry for interest. 11. Unpaid salaries at the end of January are $33,600. Record the adjusting entry for salaries. 12. Record the closing entry for revenue. 13. Record the closing entry for expenses.

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On January 1, 2021. the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 24,100 13,780 $ 1,eee Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,680 21, eee 77,180 8, eee 97, eee 32, 5ee $138, see $138,500 During January 2021, the following transactions occur. January 2 Provide services to customers for cash, $36, 108. January 6 Provide services to customers on account, $73,4ee. January 15 Write off accounts receivable as uncollectible, $800. January 20 Pay cash for salaries, $31,5ee. January 22 Receive cash on accounts receivable, $71, 809. January 25 Pay cash on accounts payable, $5,600. January 30 Pay cash for utilities during January, $13,800. The following information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $5,100 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) b. Supplies at the end of January total $750. c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. d. Unpaid salaries at the end of January are $33,600. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing account balance. The option you choose will be the values used to populate the trial balance, income statement and balance sheet tabs. Unadjusted General Ledger Account Cash Accounts Receivable No. Debit Credit No. Debit Credit Date Jan 01, 2021 Balance 24.100 Date Jan 01, 2021 Balance 13,700 Allowance for Uncollectible Accounts Notes Receivable No. Debit Credit No. Debit Credit Date Jan 01, 2021 Balance 1.000 Date Jan 01, 2021 Balance 21,000 Supplies Land No. Debit Credit No. Debit Credit Date Jan 01, 2021 Balance 2.600 Date Jan 01, 2021 Balance 77.100 Common Stock Accounts Payable Debit Credit No. No. Debit Credit Date Jan 01, 2021 Balance 8.000 Date Jan 01, 2021 Balance 97,000 Retained Earnings Debit Credit No. Date Jan 01, 2021 Balance 32.500 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted 3D Family Fireworks Trial Balance January 30, 2021 Debit Account Title Credit Cash S 24,100 13,700 1.000 Accounts Receivable Allowance for Uncollectible Accounts Notes Receivable Supplies Land Accounts Payable Common Stock Retained Earings Total 21,000 2,600 77.100 8,000 97,000 32,500 138,500 S 138.500 5 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Unadjusted 3D Family Fireworks Income Statement For Month Ended January 31, 2021 Revenue: S 0 Total Revenue Expenses Total Expenses 0 $ 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Unadjusted 3D Family Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: $ 0 0 0 0 0 Total Current Liabilities 0 0 0 Total Current Assets Long-term assets: Total Liabilities Stockholders' Equity 0 0 0 0 Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity Total Assets S $ 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Enter your Accounts Receivable turnover value in 1 decimal place and Ratio of Allowance for Uncollectible Accounts in Whole number. Analyze how well 3D Family Fireworks manages its receivables (a) Calculate the receivables turnover ratio for the month of January (Hint: For the numerator, use total services provided to customers on account). If the industry average of the receivables turnover ratios for the month of January is 4.3 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable turnover: times The company is collecting more efficiently. (true or false) (b) Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales? Ratio of Allowance for Uncollectible Accounts to Accounts Receivable 96 Should the company expect improving or worsening conditions?