accounting tp adjusted trial balance with bad debt expense and allowance accounts. confused on how to get final number in trial balance
Required information Exercise 5-21 (Algo) Complete the accounting cycle using receivable transactions (LO5-1, 5-4, 5-5, 5-7, 58) [The following information applies to the questions displayed below] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $36,10e. January 6 Provide services to customers on account, $73,400. January 15 Write off accounts receivable as uncollectible, \$80e. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $31,500. January 22 Receive cash on accounts receivable, $71,00e. January 25 Pay cash on accounts payable, $5,600. January 3e Pay cash for utilities during January, $13,800. The following information applies to the questions dispiayed below] On Jenuary 1, 2024, the general ledger of 30 Family Fireworks includes the foliowing account balances: During January 2024, the following transactions occur: January 2 Provide services to custorers for cesh, $36,180. January 6 Provide servees to custoners on account, $73,409. January 15 Write off accounts recelvable as uncellectible, 56e0. (Assune the conpany uses the allowance method) Jameary 20 pay cash fon salaries, $31,500. Janwary 22 Receive caah en acceunts receivab1e, 571, e00. January 25 Pay cash on accounts payable, $5,600. Jandary se pay cash for utilities during january, $13,890. Exercise 5-21 (Algo) Part 1 Required: 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 5-8) [The foliowing intormation apples to the questions displayed below] On January 1.2024, the general ledger of 3D Family Fireworks includer the following account badances During January 2024 , the folowing transactions occur. January 2 Previse services to custoners for cash, 536,100. January 6 Provide services to custoers io uccount, 573,40e. Zanuary 15 Write off accounte recelvable at uncollectible, ssed. (Adsune the conpany wies the aliounci method) January 20 pay cash for salaries, 511,50e. January 22 Becelive cash on accounts recelvible. 171,00. January 25 pay cesth on accounts payzble. Ss, 600. January 30 pay cash for utt16ties during January, $19,200. Exercise 521 (Algo) Part 2 2. Record adjusting eatries on January 31. (If no entry is required for a particular transaction/event, select 'No Journat Entry Required" in the first account field.) 3. The company estimates future uncoliectible accounts. The company determines $5,100 of nccounts recetvable cn danuary 3 are aust due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on fancuary 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 3t accounts recelvable balance calculated in the general ledger to split total accounts receivable into the $5,100 past due and the remaining amount not post due ) 2. Supplies ot the end of January total $750 All other supplies have been used. 6. Accrued interent revenue on notes receivable for January. Interest is expected to be received esch December 31. 4. Unpald salaries at the end of January are 533,600 . [The following information applies to the questions displayed below] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur. Januafy.2 Provide services to customers for cash, 136,100. January 6 Provide services to customers on account, 573,400 , zandary 15 Write off accounts receivable as uncollectible, ssee. (Assune the concaty uses the allovance eethod) January 20 Pay cash for salaries, 531,50e. January 22 Receive cash on accounts receivable, 571, eed. January 25 Pay cash on accounts payable, 55, see. January 30 Pay cash for itilities during January. $13,89e4 Exercise 521 (Algo) Part 3 3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during Janui (requirement i) and adjusting entries at the end of January (requirement 4 )
