Accounting Cycle 32 Help Save & Exit Submit Check my work 1 1 100 points On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Ace Debit Credit Casil $ 24,100 Accounts Receivable 1), 700 Allowance for Uncollectible Accounts $1,000 Supplies Notes Receivable (6), due in 2 years) 2,600 21,000 Land 77.100 Accounts Payable 8,000 Common stock 97.000 Retained Earnings 32.500 Totals $138,500 $138,500 ook Print Hences During January 2021, the following transactions occur January 2 Provide services to customers for cash, 536,100. January 6 Provide services to customers on account, 573,400. January 15 Write oft accounts receivable uncollectible, D. January 20 Pay cash for salaries, $31,500. January 22 Receive cash on accounts receivable, 571,000. January 25 Pay cash on accounts payable, 55,600. January 30 Pay cash for utilities during January. $13,100. 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 Innalrt cainios At the end of an anon Pasi uut, and 2 ese ALLUutis die bunateu i ve viLiLUI. 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 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-7). Review the "General Ledger and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-11). 3. Review the adjusted 'Trial Balance' as of January 31, 2021, in the Trial Balance' tab. 4. Prepare an income statement for the period ended January 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021 in the Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 12 and 13). 7. Using the information from the requirements above, complete the 'Analysis tab. Requirement General Journal > View transaction list ok Journal entry worksheet 11 -nces 1 2. 2 3 3 4 5 6 7 8 ..... ..... 13 > Provide services to customers for cash, $36,100. Note: Enter debits before credits Date General Journal Debit Credit Jan 02, 2021 ul Journal entry worksheet Provide services to customers on account, $73,400. Note: Enter debits before credits. Date General Journal Debit Credit Jan 06, 2021 Record entry Clear entry View general Journal + 13 os Write off accounts receivable as uncollectible, $800, Note: Enter debits before credits, Date General Journal Dobit Credit Jan 15, 2021 Record entry Clear entry View general Journal Juuilla Lilly Worksheet 2 3 5 6 7 8 13 > Pay cash for salaries, $31,500. Note: Enter debits before credits General Journal Date Jan 20, 2021 Debit Credit Record entry Clear entry View general journal Journal entry worksheet
