Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During January 2021, the following transactions occur January 2 Provide services to customers for cash, $43,100. January 6 Provide services to customers on account, $80,

image text in transcribed
image text in transcribed
During January 2021, the following transactions occur January 2 Provide services to customers for cash, $43,100. January 6 Provide services to customers on account, $80, 400 January 15 Write off accounts receivable as uncollectible, $2,000 January 20 Pay cash for salaries, $32,200 January 22 Receive cash on accounts receivable, $78,eee. January 25 Pay cash on accounts payable, $6,3ee. January 30 Pay cash for utilities during January, $14,500. The following information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $5,800 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 $650, 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 $34,300 3D Family Fireworks Income Statement For Month Ended January 31, 2021 Revenue: Total Revenue $ 0 Expenses: Total Expenses 0 $ 0 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $43,100. January 6 Provide services to customers on account, $80, 400 January 15 Write off accounts receivable as uncollectible, $2,000 January 20 Pay cash for salaries, $32,200 January 22 Receive cash on accounts receivable, $78,eee. January 25 Pay cash on accounts payable, $6,3ee. January 30 Pay cash for utilities during January, $14,500. The following information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $5,800 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 $650, 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 $34,300 3D Family Fireworks Income Statement For Month Ended January 31, 2021 Revenue: Total Revenue $ 0 Expenses: Total Expenses 0 $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Ch 1-14

Authors: John Wild, Vernon Richardson, Ken Shaw

1st Edition

0073346896, 9780073346892

More Books

Students also viewed these Accounting questions

Question

Did you print a proof to view color and image consistency?

Answered: 1 week ago