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On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,700 15,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) $ 3,600 3,900 18,000 80,300 Land Accounts Payable Common Stock Retained Earnings Totals 8,500 98,000 33,800 $143,900 $143,900 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $49,100. January 6 Provide services to customers on account, $86,400. January 15 Write off accounts receivable as uncollectible, $3,300. January 20 Pay cash for salaries, $32,800. January 22 Receive cash on accounts receivable, $ 84,000. January 25 Pay cash on accounts payable, $6,900. January 30 Pay cash for utilities during January, $15,100. The following information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $4,300 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.) b. Supplies at the end of January total $950. 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 $34,900. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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.) No Date General Journal Debit Credit 1 Jan 02, 2021 Cash 49,100 Service Revenue 49,100 2 Jan 06, 2021 Accounts Receivable 86,400 Service Revenue 86,400 3 Jan 15, 2021 3,300 Allowance for Uncollectible Accounts Accounts Receivable 3,300 4 Jan 20, 2021 32,800 Salaries Expense Cash 32,800 5 Jan 22, 2021 Cash 84,000 Accounts Receivable 84,000 6 Jan 25, 2021 6,900 Accounts Payable Cash 6,900 7 Jan 30, 2021 Utilities Expense 15,100 Cash 15,100 8 Jan 31, 2021 1,050 Bad Debt Expense Allowance for Uncollectible Accounts 1,050 9 Jan 31, 2021 2,950 Supplies Expense Supplies 2,950 10 Jan 31, 2021 Interest Receivable 90 Interest Revenue 90 11 Jan 31, 2021 34,900 Salaries Expense Salaries Payable 34,900 12 Jan 31, 2021 Service Revenue 135,500 90 Interest Revenue Retained Earnings 135,590 13 Jan 31, 2021 86,800 Retained Earnings Salaries Expense Utilities Expense Bad Debt Expense 67,700 15,100 1,050 Adjusted 3D Family Fireworks Income Statement For Month Ended January 31, 2021 Revenue: Service Revenue 135,500 Interest Revenue 90 Total Revenue $ 135,590 Expenses: Salaries Expense Utilities Expense Bad Debt Expense Supplies Expense OIOIOIO 67,700 15,100 1,050 2,950 Total Expenses 86,800 48,790 Net Income $ 3D Family Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Cash 105,000 14,100 Accounts Payable Salaries Payable 1,600 34,900 Accounts Receivable Supplies 950 Allowance for Uncollectible Accounts (1,350) Interest Receivable 90 Total Current Liabilities 36,500 Total Current Assets 118,790 Total Liabilities 36,500 Long-term assets: Stockholders' Equity Land Common Stock 80,300 18,000 98,000 82,590 Notes Receivable Retained Earnings 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity 180,590 217,090 Total Assets $ 217,090 $ x Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Enter your Accounts Receivable turnover value in 1 decimal place and Ratio of Allowance for Uncollectible Accounts in Whole number. Analyze how well 3D 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 turnover ratios for the month of January is 4.7 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable turnover: 5.9 times The company is collecting more efficiently. (true or false) True (b) Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales? Ratio of Allowance for Uncollectible Accounts to Accounts Receivable 11 % Should the company expect improving or worsening conditions? Improving Balance Sheet Analysis
