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Chapter 5 General Ledger Accounting Cycle On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances Credit Accounts Cash
Chapter 5 General Ledger Accounting Cycle On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances Credit Accounts Cash Accounts Receivable Supplies Notes Receivable (6%, due in 2 years) Land Allowance for Uncollectible Accounts Accounts Payable Common Stock Retained Earnings Debit $ 23,900 13,600 2,500 20,000 77,000 $ 1,400 7,200 96,000 32,400 Totals $137,000 $137,000 During January 2018, the following transactions occur: January 2 Provide services to customers for cash, $35,100 January 6 Provide services to customers on account, $72,400 January 10 Write off accounts receivable as uncollectible, $1,000 January 20 Pay cash for salaries, $31,400 January 22 Receive cash on accounts receivable, $70,000 January 25 January 30 Pay cash for utilities during January, $13,700 Pay cash on accounts payable, $5,500
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