Item1

100points

ItemSkipped

eBook

Print

References

Check my workCheck My Work button is now enabled1

Item 1

On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	26,100
Accounts Receivable		14,700
Allowance for Uncollectible Accounts					$	3,000
Supplies		3,600
Notes Receivable (6%, due in 2 years)		15,000
Land		80,000
Accounts Payable						7,900
Common Stock						95,000
Retained Earnings						33,500
Totals	$	139,400			$	139,400

During January 2021, the following transactions occur:

January		2		Provide services to customers for cash, $46,100.
January		6		Provide services to customers on account, $83,400.
January		15		Write off accounts receivable as uncollectible, $2,500.
January		20		Pay cash for salaries, $32,500.
January		22		Receive cash on accounts receivable, $81,000.
January		25		Pay cash on accounts payable, $6,600.
January		30		Pay cash for utilities during January, $14,800.

The following information is available on January 31, 2021.

1. The company estimates future uncollectible accounts. The company determines $4,000 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.)
2. Supplies at the end of January total $800.
3. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
4. Unpaid salaries at the end of January are $34,600.

Credit Debit $ 26,188 14,780 $ 3,888 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Connon Stock Retained Earnings Totals 3,600 15, eee 80,000 7,980 95,000 33,500 $139,400 $139,480 During January 2021, the following transactions occur. January 2 Provide services to customers for cash, $46,189. January 6 Provide services to customers on account, $83, 4ee. January 15 Write off accounts receivable as uncollectible, $2,588. January 20 Pay cash for salaries, $32,588. January 22 Receive cash on accounts receivable, $81,520. January 25 Pay cash on accounts payable, $6,6ee. January 38 Pay cash for utilities during January, $14,888. The following information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $4.000 of accounts recelvable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts recelvable 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 $800. 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 $34.600. Requirement General General Journal Income Trial Balance Statement Balance Sheet Ledger Analysis Choose the app ate ac com 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. Unadjusted 3D Family Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Long-term assets Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Unadjusted 3D Family Fireworks Income Statement For Month Ended January 31, 2021 Revenue: Total Revenue Expenses: Total Expenses