During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $49,100. ok January 6 January 15 January 20 Provide services to customers on account, $86,400. Write off accounts receivable as uncollectible, $3,300. (Assume the company uses the allowance method) Pay cash for salaries, $32,800. January 22 Receive cash on accounts receivable, $84,000. January 25 Pay cash on accounts payable, $6,900. January 30 Pay cash for utilities during January, $15,100. The following information is available on January 31, 2024. a. The company estimates future uncollectible accounts. The company determines $4,300 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 receivable balance calculated in the general ledger to split total accounts receivable into the $4,300 past due and the remaining amount not past due) b. Supplies at the end of January total $950. 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 $34,900. 3. On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit $26,700 Credit Accounts Receivable 15,000 Allowance for Uncollectible Accounts $1,500 Supplies, 3,900 Noten Receivable (69, due in 2 years) 18,000 Land 80,300 Accounts Payable 10,600 Common Stock Totals 98,000 Retained Earnings 33,800 $143,900 $143,900 The company estimates future uncollectible accounts. The company determines $4,300 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 Note: Enter debits before credits. Date January 31, 2024 General Journal Bad Debt Expense Allowance for Uncollectible Accounts Debit Credit Record entry Clear entry View general journal MacBook Pro Record the entry to close the revenue accounts. Note: Enter debits before credits. Date January 31, 2024 General Journal Debit Credit Service Revenue Interest Revenue Retained Earnings Clear entry View general journal Record entry Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2024 Retained Earnings Salaries Expense Supplies Expense Bad Debt Expense Utilities Expense Record entry Clear entry View general journal 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 4.7 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable turnover + times