Exercise $7-37($Static$)$ General Ledger Exercise $[$LO$7-5,7-6,7-7,7-9]$

On January $1,2024,$ the general ledger of $3$D Family Fireworks includes the following account balances:

$\backslash$table$[[$Accounts$,$Debit,Credit$],[$Cash$,$$$23,900,],[$Accounts Receivable Y$,13,600,],[$Allowance for Uncollestible Accounts,,$$1,400$

January $2$ Provide services to customers for cash, $$35,100.$

January $6$ Provide services to customers on account, $$72,400.$

January $15$ Write off accounts receivable as uncollectible, $$1,000.$

January $20$ Pay cash for salaries, $$31,400.$

January $22$ Receive cash on accounts receivable, $$70,000.$

January $25$ Pay cash on accounts payable, $$5,500.$

January $30$ Pay cash for utilities during January, $$13,700.$

The following information is available on January $31,2024.$

$8.$ At the end of January, $$5,000$ of accounts receivable are past due, and the company estimates that $20\%$ of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that $5\%$ will not be collected. The note receival of $$20,000$ is considered fully collectible and therefore is not included in the estimate of uncollectible accounts.

$9.$ Supplies at the end of January total $$700.$

$10.$ Accrued interest revenue on notes receivable for January. Interest is expected to be received each December $31.$

$11.$ Unpaid salaries at the end of January are $$33,500.$

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Requirement$,\backslash$table$[[$General$],[$Journal$]],\backslash$table$[[$General$],[$Ledger$]],$Trial Balance,$\backslash$table$[[$Income$],[$Statement$]],$Balance Sheet,Analysis$]]$

Record each of the transactions listed above in the "General Journal" tab $($these are shown as items $1-7).$ Review the "General Ledger" and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

Record adjusting entries on January $31.$ in the "General Journal" tab $($these are shown Ias items $8-11).$

Review the adjusted "Trial Balance" as of January $31,2024,$ in the "Trial Balance" tab.

Prepare an income statement for the period ended January $31,2024,$ in the "Income Statement" tab$).$

Prepare a classified balance sheet as of January $31,2024,$ in the "Balance Sheet" tab.

Record closing entries in the "General Journal" tab $($these are shown as items $12$ and $13).$

Using the information from the requirements above, complete the "Analysis" tab