Question
Exercise 7-37 (Algo) General Ledger Exercise [LO7-5, 7-6, 7-7, 7-9] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account
Exercise 7-37 (Algo) General Ledger Exercise [LO7-5, 7-6, 7-7, 7-9]
On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts | Debit | Credit |
---|---|---|
Cash | $ 25,300 | |
Accounts Receivable | 14,400 | |
Allowance for Uncollectible Accounts | $ 1,700 | |
Supplies | 3,000 | |
Notes Receivable (6%, due in 2 years) | 24,000 | |
Land | 52,100 | |
Accounts Payable | 4,900 | |
Common Stock | 65,300 | |
Retained Earnings | 46,900 | |
Totals | $ 118,800 | $ 118,800 |
During January 2024, the following transactions occur:
1. January 2 | Provide services to customers for cash, $26,600. |
---|---|
2. January 6 | Provide services to customers on account, $82,000. |
3. January 15 | Write off accounts receivable as uncollectible, $1,100. |
4. January 20 | Pay cash for salaries, $34,500. |
5. January 22 | Receive cash on accounts receivable, $76,900. |
6. January 25 | Pay cash on accounts payable, $3,670. |
7. January 30 | Pay cash for utilities during January, $9,100. |
The following information is available on January 31, 2024.
At the end of January, $3,300 of accounts receivable are past due, and the company estimates that 25% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The note receivable of $24,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts.
Supplies at the end of January total $510.
Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
Unpaid salaries at the end of January are $26,600.
Complete this question by entering your answers in the tabs below.
Requirement
General Journal
General Ledger
Trial Balance
Income Statement
Balance Sheet
Analysis
Using the information from the requirements above, complete the 'Analysis' tab. Note: Enter your Accounts receivable turnover ratio in 1 decimal place and Ratio of allowance for uncollectible accounts in whole percentage.
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