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Exercise 5-21 (Algo) Complete the accounting cycle using receivable transactions (LO51,5 4,55,57,58) [The following information applies to the questions displayed below.] On January 1, 2024,
Exercise 5-21 (Algo) Complete the accounting cycle using receivable transactions (LO51,5 4,55,57,58) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $52,100. January 6 Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. (Assume the company uses the January 20 Pay cash for salaries, $33,100. January 22 Receive cash on accounts receivable, $87,000. January 25 Pay cash on accounts payable, $7,200. January 30 Pay cash for utilities during January, $15,400. 3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January (requirement i) and adjusting entries at the end of January (requirement 2 )
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