Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

just need help finding the bad debt expense i think [The following information applies to the questions displayed below] On January 1, 2024, the general

just need help finding the bad debt expense i think image text in transcribed
image text in transcribed
[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, $38,180. Januery 6 Provide services to customers on occount, $75,400. january is Write off accounts recelvable as uncollectible, \$1, 200. (Assume the company uses the allomance method) january 20 Pay cash for salaries, $31,700. January 22. Recerve cash on accounts receivable, $73,000. January 25 Pay cash on accounts payable, $5,80e. January 30 Pay cosh fon utilittes during January, s14, Nea. 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.) 0. The company estimates future uncollectible accounts. The company determines $5300 of accounts receivable on uanyary 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts recenable 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 caiculated 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing Assurance And Consulting Services

Authors: Kurt F. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Contributing Writer, Cris Ridd, Richard Tuschman

1st Edition

0894136100, 978-0894136108

More Books

Students also viewed these Accounting questions

Question

Compose the six common types of social business messages.

Answered: 1 week ago

Question

Describe positive and neutral messages.

Answered: 1 week ago