Exercise 5-22 (Static) Complete the accounting cycle using receivable transactions (LO51, 52, 54, 5 5, 5-7) (GL) The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Cash Debit Credit $21,200 Accounts Receivable 41,500 Allowance for Uncollectible Accounts Supplies $2,200 6,700 Notes Receivable (8%, due in 2 years) 10,000 Land 85,000 Accounts Payable 12,300 Common Stock 106,000 Retained Earnings 29,900 124,800 70,900 24,200 15,700 $275,200 $275,200 Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: June 3 June 8 November 15 Provide additional services on account for $7,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $5,000. Write off customer accounts of $1,500 as uncollectible. The following information is available on December 31. a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint. Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) b. Accrue interest on the note receivable of $10,000, which was accepted on October 1, 2024. Interest is due each September 30. 2 3 4 5 6 7 > Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2024 Service Revenue 1 2 3 4 5 LO > 6 7 Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit