I completed some above, but I still need help with bad debt expense and allowance for uncontrollable accounts please
same as above, I completed some, but I still need help with bad debt expense and allowance for uncontrollable accounts please
Required information [The following information applies to the questions displayed below.] 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 salaries, $31,600. January 22 Receive cash on accounts receivable, $72,000. January 25 Pay cash on accounts payable, $5,700. January 30 Pay cash for utilities during January, $13,900. Answer is complete and correct. 2. Record adjusting entries on January 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 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. 3. Prepare an adjusted trial balance as of January 31,2024 , after updating beginning balances (above) for transactions during January (requirement ) and adjusting entries at the end of January (requirement 2). 4. Prepare an income statement for the period ended January 31, 2024. 5. Prepare a classified balance sheet as of January 31,2024 . (Amounts to be deducted should be indicated with a minus sign.) 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. 6ecord closing entries. (If no entry is required for a particular transactiontevent, select "No Journal Entry Required" in the first iccount field.) Journal entry worksheet
