\begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & General Jo & & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & January 02, 2024 & Cash & & 38,100 & \\ \hline & & Service Revenue & 2 & & 38,100 \\ \hline \multirow[t]{2}{*}{2} & January 06, 2024 & Accounts Receivable & 2 & 75,400 & \\ \hline & & Service Revenue & & & 75,400 \\ \hline \multirow[t]{2}{*}{3} & January 15, 2024 & Allowance for Uncollectible Accounts & 2 & 1,200 & \\ \hline & & Accounts Receivable & & & 1,200 \\ \hline \multirow[t]{2}{*}{4} & January 20, 2024 & Salaries Expense & & 31,700 & \\ \hline & & Cash & & & 31,700 \\ \hline \multirow[t]{2}{*}{5} & January 22, 2024 & Cash & & 73,000 & \\ \hline & & Accounts Receivable & 2 & & 73,000 \\ \hline \multirow[t]{2}{*}{6} & January 25, 2024 & Accounts Receivable & & 5,800 & \\ \hline & & Cash & 2 & & 5,800 \\ \hline \multirow[t]{2}{*}{7} & January 30, 2024 & Utilities Expense & 2 & 14,000 & \\ \hline & & Cash & & & 14,000 \\ \hline \multirow[t]{2}{*}{8} & January 31, 2024 & Bad Debt Expense & & 1,200 & \\ \hline & & Allowance for Uncollectible Accounts & & & 1,200 \\ \hline \multirow[t]{2}{*}{9} & January 31, 2024 & Supplies Expense & & 1,950 & \\ \hline & & Supplies & 2 & & 1,950 \\ \hline \multirow[t]{2}{*}{10} & January 31, 2024 & Interest Receivable & 2 & 115 & \\ \hline & & Interest Revenue & & & 115 \\ \hline \multirow[t]{2}{*}{11} & January 31, 2024 & Salaries Expense & 2 & 33,800 & \\ \hline & & Salaries Payable & & & 33,800 \\ \hline \multirow[t]{3}{*}{12} & January 31, 2024 & Service Revenue & 2 & 113,500 & \\ \hline & & Interest Revenue & & 115 & \\ \hline & & Retained Earnings & & & 113,615 \\ \hline \multirow[t]{5}{*}{13} & January 31, 2024 & Retained Earnings & 2 & 82,650 & \\ \hline & & Salaries Expense & & & 65,500 \\ \hline & & Utilities Expense & & & 14,000 \\ \hline & & Bad Debt Expense & 2 & & 1,200x \\ \hline & & Supplies Expense & & & 1,950 \\ \hline \end{tabular} During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $38,100. January 6 Provide services to customers on account, $75,400. January 15 Write off accounts receivable as uncollectible, \$1,200. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 Pay cash on accounts payable, $5,800. January 30 Pay cash for utilities during January, $14,000. The following information is available on January 31, 2024. a. The company estimates future uncollectible accounts. The company determines $5,300 of accounts receivable on January 31 past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not due, and 5% of these accounts are estimated to be uncollectible. (Hint. Use the January 31 accounts receivable balance calculate the general ledger to split total accounts receivable into the $5,300 past due and the remaining amount not past due.) b. Supplies at the end of January total $850. All other supplies have been used. 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 $33,800. Answer is complete but not entirely correct. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 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 to 11). 3. Review the adjusted 'Trial Balance' as of January 31, 2024, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended January 31,2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2024 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. Journal entry worksheet 2 3 4 5 6 13 I he company estmates future uncollectible accounts. I he company determines $5,300 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 Note: Enter debits before credits. Note: Enter debits before credits. Answer is complete but not entirely correct. Enter your Accounts Receivable turnover value rounded to 1 decimal place and Ratio of Allowance for Uncollectible Accounts as percentage rounded to 1 decimal place. 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 4.1 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable turnover: 3.6 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