EXERCISE 5-22A Pops Fireworks

Required information Exercise 5-22A Complete the accounting cycle using receivable transactions (L05-1,5-2,5-4,5-5,5-7) [The following information applies to the questions displayed below.) The general ledger of Pop's Fireworks includes the following account balances in 2021 Credit Debit $ 21,200 41,500 $ 2,200 Accounts Cau Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (84, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totala 6,700 10,000 85,000 12,300 106,000 29,900 124,800 70.900 24,200 15,700 $275,200 $275,200 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June Provide additional services on account for $7,000. All services on account include terne 2/10, n/30 June 8 Receive canh from customers within 10 days of the services being provided on account. The customers were originally charged $5,000. November 15 write of customer accounts of $1,500 as uncollectible. Exercise 5-22A Part 4 Exercise 5-22A Part 4 4. Prepare an income statement for the period ended December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) POP'S FIREWORKS Income Statement For the year onded December 31, 2021 Revenues Service Revenue Net revenues Expenses 0 Total Expenses Net income 0 Exercise 5-22A Part 5 5. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated with a minus sign) POP'S FIREWORKS Balance Sheet December 31, 2021 Assets Liabilities 0 Total Current Assets 0 0 Total Current Liabilities Stockholder's Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 0 $ 0 Required information View transaction list Journal entry worksheet 1 2 Record the closure of revenue accounts. Note: Enter debits before credits Dato General Journal Dobit Credit Jan 21, 2021 Record entry Clear entry View general Journal Journal entry worksheet