Difficulty: 2 Medium L Learning Objective: 05-01 Recognize accounts receivable ote 05-05 Ay the procedure to write off accounts reonvable an uncollectible Check my work 100 points 5. Prepare a case balance sheet as of January 31, 2018. (Amounts to be deducted should be indicated with a minus sign) 3D FAMILY FIREWORKS Classified Balance Sheet January 31, 2018 Stockholder's Equity Total stockholders'qully Total abities and stockholders 5 0 uity S The following information applies to the questions displayed below! On January 1 2018. the general ledger of 3D Family Fireworks includes the following account balances Credit Debit 523.900 13,600 $ 1400 Accounts Recetratto Allowance for Uncollectible Accounts. Supplies Notes Receivable due in 2 years) Land Accounts Payable Common Stock Retained Emnings 2.500 20.000 77000 7200 96.000 32.400 Totats $137000 137000 During January 2018, the following transactions occur January 2 Provide services to customers for cash, $35.100. January & Provide services to customers on account 572,400. January 15 write of accounts receivable as uncollectible, $1,000 January 20 Pay cash for salaries 531,400 January 22 Receive cash on accounts receivable. $70,000 January 25 Pay cash on accounts payable $5.500 January 30 Pay cash for utilities during January 13,700, 100 points 1. Record each of the transactions listed above. (if no entry is required for a transaction/event, select "No journal entry required in the first acco View transaction list View journal entry worksheet 1. Record each of the transactions listed above. (If no entry is required for a transaction event, select "No journal entry required" in the first account View transaction list View journal entry worksheet Credit General Journal Debit 35.100 NO Date January 02 35.100 1 Cash Service revenue 72.400 72.400 2 January 06 Accounts receivable Service revenue 1.000 1.000 January 15 Allowance for uncollectible accounts Accounts receivable 31,400 31,400 January 20 Salaries expense Cash 70.000 / 70,000 5 January 22 Cash Accounts receivable 5.500 5.500 January 25 Accounts payable Cash 13.700 January 30 13.700 Utilities expense Cash Beforenres Book & Resources 2. 1.00 points S The company estimates future uncollectible accounts. The company determines $5,000 of accounts receivable on January 31 are past due, and 20% of the accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible e rdonary to $700 Accrued interest revenue on notes receivable for January, Interest is expected to be received each December 31 d. Unpad salaries at the end of January are $33,500. 2. Record adjusting entries on January 31 for the above transactions. If no entry is required for a transaction event, select "No journal entry required it View transaction list View journal entry worksheet No Date Credit General Journal Bad debt expense Allowance for uncollectible accounts Debit 1,100 January 31 1100 January 31 Supplies expense Supplies 1,800 3 January 31 interest receivable interest revenue January 31 Salaries expense 33.500 Salarios payable value 1.00 points 3. Prepare an adjusted trial balance as of January 31, 2018. Credit 1,500 3D FAMILY FIREWORKS Adjusted Trial Balance January 31, 2018 Debit Accounts $ 78,400 Cash Accounts receivable 15,000 Allowance for uncollectible accounts Supplies 700 Notes payable 20,000 Interest receivable 100 Accumulated depreciation 77,000 Accounts payable Salaries expense Common stock Retained earnings Service revenue Interest revenue Utilities expense 13,700 Supplies 1,800 Salaries expense 64,900 Bad debt expense 1,100 Totals $ 272,700 1,700 33,500 96,000 32,400 107,500 100 $ 272,700 4. Prepare an income statement for the period ended January 31, 2018. 3D FAMILY FIREWORKS Income Statement For the year ended January 31, 2018 Revenues: Service revenue 107,500 Interest revenue 100 $ 107,600 Total revenues Expenses: Salaries expense Supplies Utilities expense Bad debt expense 64,900 1,800 13,700 1,100 Total expenses Net income 81,500 $ 26,100: 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required in the firs View transaction list Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits General Journal Date January 31, 2018 Debit Credit Record entry Clear entry View general Journal 7. Anyhow well SDF Fra gestec 1. Ca there f ormoho nynt For the nume r vices provided to customers on account Round your final answer to decimal place) 2. the industry average of the recites over to the m o r e company collegatom some more -1 Calculate the lowance forc e Account Rec h enden -2. Based on a son of the s t ate of the improvement or worsening in cash collections from customers anonth last Hits Races