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If you could please help with the items missing only, thank you. On January 1, 2021, the general ledger of 30 Family Fireworks includes the
If you could please help with the items missing only, thank you.
On January 1, 2021, the general ledger of 30 Family Fireworks includes the following account balances: During January 2021 , the following transactions occur. 1. January 2 Provide services to customers for cash, $35,100. 2. January 6 Provide services to customers on account, $72,400. 3. January 15 write off accounts receivable as uncollectible, $1,000. 4. January 20 Pay cash for salaries, $31,400. 5. January 22 Receive cash on accounts receivable, 570,000 . 6. January 25 Pay cash on accounts payable, $5,500. 7. January 30 Pay cash for utilities during January, $13,700. The following information is avallable on January 31,2021. 8. At the end of January, $5,000 of accounts recelvable 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 receivable 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. 1. Record each of the transactions listed above in the 'General Journal' tab (these are thown as items 1 - 7). Raview the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as items 8 -11). 3. Review the adjusted 'Trial Balance' as of January 31, 2021, in the Trial Balance' tab. 4. Prepare an income statement for the period ended January 31, 2021, in the 'Income Statement' tab). 5. Prepare a classified balance sheet as of January 31, 2021, in the 'Balance sheet' tab. 6. Record closing entries in the "General Journal' tab (these are thown as items 12 and 13). 7. Using the information from the requirements above, complete the 'Analysis' tab. ( 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 field.) Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. ( Answer is not complete. Prepare a classified balance sheet as of aanuary 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Step by Step Solution
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