fix bad entries & give analysis please
On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Puring January 2024, the following transactions occur: Answer is not complete. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account fleld.) On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $37,100. January 6 Provide services to customers on account, $74,400. January 15 Write off accounts receivable as uncollectible, $1,000. (Assume the company uses the allowance method) January 20 Pay cash for salarieg, $31,600. January 22 Receive cash on accounta receivable, $72,000. January 25 Pay cash on accounts payable, $5,700. January 30 Pay cash for utilities during January, $13,900. The following information is available on January 31, 2024. a. The company estimates future uncollectible accounts. The company determines $5,200 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $5,200 past due and the remaining amount not past due.) b. Supplies at the end of January total $800. All other supplies have been used. 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 $33,700. Answer is not complete. Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $37,100. January 6 Provide services to eustomers on account, $74,400. January 15 Write off accounts receivable as uncollectible, $1,000. (Assume the company uses the allovance method) January 20 Pay cash for salaries, $31,600. January 22 fleceive cash on accounta receivable, $72,000. January 25 Pay cash on accounts payable, $5,700. January 30 Pay eash for utilitien during January, \$13,900. The following information is available on January 31, 2024. a. The company estimates future uncollectible accounts. The company determines $5,200 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $5,200 past due and the remaining amount not past due.) b. Supplies at the end of January total $800. All other supplies have been used. 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 \$33,700. Answer is not complete. Enter your Accounts Receivable tumover value rounded to 1 decimal place and Ratio of Allowance for Uncollectible Accounts as a percentage rounded to 1 decimal place. Analyze how well 30 Family Fireworks manages its receivables (a) Calculate the receivables turnover ratio for the month of January. (Hint: For the numerator, use total services provided to customers on account.) If the industry average of the receivables tumover ratios for the month of January is 4.4 times, is the company colecting cash from customers more or less efficiently than other companies in the same industry
