Journal entry worksheet Note: Enter debits before credits. 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. Journal entry worksheet 1 5 6 7 8 9 10 13 The company estimates future uncollectible accounts. The company determines $5,300 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 Note: Enter debits before credits. Journal entry worksheet (1) (5) 6 7. 8 10 Supplies at the end of January total $850. Record the adjusting entry for supplies. Note: Enter debits before credits: 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, $38,100. January 6 Provide services to customers on account, $75,480. January 15 Write off accounts receivable as uncollectible, $1,200. (Assune the company uses the allowance nethod) January 20 pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 pay cash on accounts payable, $5,800. January 30 Pay cash for ullities during January, $14,2a. The following information is available on January 31, 2024. a. The company estimates future uncollectible accounts. The company determines $5,300 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 recelvable balance calculated in the general ledger to split total accounts recelvable into the $5,300 past due and the remaining amount not past due.) b. Supplies at the end of January total $850. 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 $33,800. Journal entry worksheet (1) 6 7 8 (9) 10 Unpaid salaries at the end of January are $33,800. Record the adjusting entry for salaries. Note: Enter debits before credits. January z Provide services to custoners for cash, $38,108. January 6 Provide services to custoners on account, $75,400. January 15 Write off accounts receivable as uncollectible, $1,200. (Assune the company uses the atlowance method) January 20 pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 pay cash on accounts payable, $5,8a. January 30 Pay cash for utilities during January, $14,000. The following information is available on Janusry 31,2024. a. The company estimates future uncollectible accounts. The company determines $5,300 of accounts receivable 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 to spit total accounts recelvable into the $5,300 past due and the remaining amount not past due.) b. Supplies at the end of January total $850. 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 $33,800. Enter your Accounts Receivable turnover value rounded to I decimal place and Ratio of Allowance for Uncoliectible Accounts as a percentage rounded to 1 decimal place: Analyze how well 30 Family Fireworks manages its recelvables (a) Calculate the receivables tumover fatio for the month of Jarnary (Hint For the numerator, use fotal services provided to customers on account, If the industry averige of the receivables tumover ratios for the month of January is 4.1 tmes, is the company collecting cash from customers more or lass efficently than cther companies in the sarre industry? Journal entry worksheet Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. Record the adjusting entry for interest. Note: Enter debits before credits. Note: Enter debits before credits. a. The company estimates future uncollectible accounts. The company determines $5,300 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 recelvable balance calculated in the general ledger to split total accounts receivable into the $5,300 past due and the remaining amount not past due.) b. Supplies at the end of January total $850. All other supplies have been used. c. Accrued interest revenue on notes recelvable for January. Interest is expected to be recelved each December 31. d. Unpaid salaries at the end of January are $33,800. 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
