Can you please help me correct the answers i got wrong, and help with the income Statement!!
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 27,500 15,400 $ 4,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 4,300 22,000 80,700 9,300 102.000 34,200 $149,900 $149,900 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $53, 100. January 6 Provide services to customers on account, $90,400. January 15 Write off accounts receivable as uncollectible, $4,100. January 20 Pay cash for salaries, $33,200. January 22 Receive cash on accounts receivable, $88,000. January 25 Pay cash on accounts payable, $7,300. January 30 Pay cash for utilities during January, $15,500. The following information is available on January 31, 2021 a. The company estimates future uncollectible accounts. The company determines $4,700 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 $850. 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 $35,300. No General Journal Credit Date Jan 02, 2021 Debit 53,100 1 Cash Service Revenue 53,100 2 Jan 06, 2021 90,400 Accounts Receivable Service Revenue 90,400 3 Jan 15, 2021 4,100 Allowance for Uncollectible Accounts Accounts Receivable 4,100 Jan 20, 2021 33,200 Salaries Expense Cash 33,200 Jan 22, 2021 88,000 Cash Accounts Receivable 88,000 6 Jan 25, 2021 Accounts Payable 7,300 Cash 7,300 Jan 30, 2021 15,500 Utilities Expense Cash 15,500 8 Jan 31, 2021 1,390 X Bad Debt Expense Allowance for Uncollectible Accounts 1,390 Jan 31, 2021 3,450 Salaries Expense Supplies 3,450 10 Jan 31, 2021 110 Interest Receivable Interest Revenue 110 Jan 31, 2021 Salaries Expense Supplies OOO OOO OO O OO 3,450 $ 3,450 X 12 Jan 31, 2021 Service Revenue Interest Revenue 143,500 110 13 Jan 31, 2021 Salaries Expense Utilities Expense Bad Debt Expense Supplies Expense 68,500 15,500 1,390 % 3,450 Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31, 2021 Record entry Clear entry View general journal Journal entry worksheet
