6 Required information [The following information applies to the questions displayed below.) The general ledger of Pop's Fireworks includes the following account balances in 2021: Part 2 of 7 Credit Debit $ 23,000 46,000 $ 4,000 166 points 9,400 28,000 94,000 Accounta Cash Accounts Receivable Allowance for Uncollectible accounts Supplies Notes Receivable (81, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 14,100 142,000 30,800 126,600 71,800 26,900 18.400 $317,500 $317,500 June In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: 3 Provide additional services on account for $16,000. All services on account include terma 2/10, 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $9,500. November 15 Write oft customer accounts of $2,400 as uncollectible. June 2. Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement will not be collected b. Accrue interest on the note receivable of $28,000, which was accepted on October 1, 2021. Interest is due each September 30. 7 Required information [The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021: Part 3 of 7 Credit Debit $ 23,000 46,000 1.66 points $ 4,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (88, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 9,400 28,000 94,000 14,100 142,000 30.800 126,600 71,800 26,900 18,400 $317,500 $317,500 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $16,000. All services on account include terne 2/10, n/30. & Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $9,500. November 15 Write oft customer accounts of $2,400 as uncollectible. June 3. Prepare an adjusted trial balance as of December 31, 2021 3. Prepare an adjusted trial balance as of December 31, 2021. Part 3 of 7 POP'S FIREWORKS Adjusted Trial Balance December 31, 2021 Debit Accounts 1.66 points Credit Totals $ 0 $ 0 Mc 4. Prepare an income statement for the period ended December 31, 2021. (Amount minus sign.) 7 POP'S FIREWORKS Income Statement For the year ended December 31, 2021 Revenues: Net revenues Expenses: 0 Total Expenses Net income 0 5. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) POP'S FIREWORKS Balance Sheet December 31, 2021 Assets Llabilities Total Current Assets Total Current Liabilities Stockholder's Equity Total Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal account field.) View transaction list EX 1 Record the closure of revenue accounts. > 2 Record the closure of expense accounts. Credit Note : journal entry has been entered Record entry Clear entry View general Journal 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2021? b. What is the ending balance of Allowance for Uncollectible Accounts? c. What amount of cash is expected to be collected from accounts receivable? a. b. Bad Debt Expense Ending Balance of Allowance for Uncollectible Accounts Amount expected to be collected C. 6 Required information [The following information applies to the questions displayed below.) The general ledger of Pop's Fireworks includes the following account balances in 2021: Part 2 of 7 Credit Debit $ 23,000 46,000 $ 4,000 166 points 9,400 28,000 94,000 Accounta Cash Accounts Receivable Allowance for Uncollectible accounts Supplies Notes Receivable (81, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 14,100 142,000 30,800 126,600 71,800 26,900 18.400 $317,500 $317,500 June In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: 3 Provide additional services on account for $16,000. All services on account include terma 2/10, 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $9,500. November 15 Write oft customer accounts of $2,400 as uncollectible. June 2. Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement will not be collected b. Accrue interest on the note receivable of $28,000, which was accepted on October 1, 2021. Interest is due each September 30. 7 Required information [The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021: Part 3 of 7 Credit Debit $ 23,000 46,000 1.66 points $ 4,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (88, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 9,400 28,000 94,000 14,100 142,000 30.800 126,600 71,800 26,900 18,400 $317,500 $317,500 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $16,000. All services on account include terne 2/10, n/30. & Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $9,500. November 15 Write oft customer accounts of $2,400 as uncollectible. June 3. Prepare an adjusted trial balance as of December 31, 2021 3. Prepare an adjusted trial balance as of December 31, 2021. Part 3 of 7 POP'S FIREWORKS Adjusted Trial Balance December 31, 2021 Debit Accounts 1.66 points Credit Totals $ 0 $ 0 Mc 4. Prepare an income statement for the period ended December 31, 2021. (Amount minus sign.) 7 POP'S FIREWORKS Income Statement For the year ended December 31, 2021 Revenues: Net revenues Expenses: 0 Total Expenses Net income 0 5. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) POP'S FIREWORKS Balance Sheet December 31, 2021 Assets Llabilities Total Current Assets Total Current Liabilities Stockholder's Equity Total Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal account field.) View transaction list EX 1 Record the closure of revenue accounts. > 2 Record the closure of expense accounts. Credit Note : journal entry has been entered Record entry Clear entry View general Journal 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2021? b. What is the ending balance of Allowance for Uncollectible Accounts? c. What amount of cash is expected to be collected from accounts receivable? a. b. Bad Debt Expense Ending Balance of Allowance for Uncollectible Accounts Amount expected to be collected C