Exercise 5-21 Complete the accounting cycle using receivable transactions (L05-1,5-4,5-5,5-7,5-8) (GL) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances Credit Debit $ 25,100 16,200 34:20 $ 2,000 Accounts Cah Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (61, due in 2 years) Land Mccounts Payable Common Stock Retained Earnings Totals 3,100 26.000 77.600 9.000 102.000 33.000 $146,000 $145,000 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $41,100. January 6 Provide services to customers on account, $78,400. January 15 write of accounts receivable as uncollectible, $1,600. January 20 Pay cash for salaries, $32,000. January 22 Receive cash on accounts receivable, $76,000. January 25 Pay cash on accounts payable, 56,100. January 30 Pay cash for utilities during January, 514,300. The following information is available on January 31, 2021 a. The company estimates the amount of their uncollectible accounts. The company determines $5,600 out of the total accounts receivable shown on the General Ledger on January 31 is past due, and 20% of these past due amounts are estimated to be uncollectible. The remaining accounts receivable balance on January 31 is not past due, and 5% of these current accounts are also 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 $1,000 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 $34,100. 26 of 26 Next Exercise 5-21 Complete the accounting cycle using receivable transactions (L05-1,5-4,5-5,5-7,5-8) (GL) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances Credit Debit $ 25,100 16,200 34:20 $ 2,000 Accounts Cah Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (61, due in 2 years) Land Mccounts Payable Common Stock Retained Earnings Totals 3,100 26.000 77.600 9.000 102.000 33.000 $146,000 $145,000 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $41,100. January 6 Provide services to customers on account, $78,400. January 15 write of accounts receivable as uncollectible, $1,600. January 20 Pay cash for salaries, $32,000. January 22 Receive cash on accounts receivable, $76,000. January 25 Pay cash on accounts payable, 56,100. January 30 Pay cash for utilities during January, 514,300. The following information is available on January 31, 2021 a. The company estimates the amount of their uncollectible accounts. The company determines $5,600 out of the total accounts receivable shown on the General Ledger on January 31 is past due, and 20% of these past due amounts are estimated to be uncollectible. The remaining accounts receivable balance on January 31 is not past due, and 5% of these current accounts are also 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 $1,000 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 $34,100. 26 of 26 Next