**Not sure what I did wrong. Please help!** Prepare an adjusted trial balance as of January 31, 2018.
The only labels my homework software will accept are the following No journal entry required, Accounts payable, Accounts receivable, Accumulated depreciation, Advertising expense, Bad debt expense, Buildings, Cash, Common stock, Cost of goods sold, Deferred revenue, Delivery expense, Depreciation expense, Dividends, Equipment, Income tax expense, Insurance expense, Interest expense, Interest payable, Interest receivable, Interest revenue, Inventory, Land, Legal fees expense, Notes payable, Notes receivable, Prepaid advertising, Prepaid insurance, Prepaid rent, Rent expense, Repairs and maintenance expense, Retained earnings, Salaries expense, Salaries payable, Sales revenue, Service fee expense, Supplies, Supplies expense, Utilities expense, and Utilities payable.
**Not sure what I did wrong. Please help!** Prepare an adjusted trial balance as of January 31, 2018.
1. Depreciation on the equipment for the month of January is calculated using the straight-ine method. At the time the equipment was purchased, the company estimated a residual value of $3,400 and a two-year service life 2. The company estimates future uncollectible accounts. The company determines $12,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) 3. Accrued interest expense on notes payable for January 4. Accrued income taxes at the end of January are $13,100 5. By the end of January, $3,100 of the gift cards sold on January 2 have been redeemed. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit January 31 Depreciation expense 525 525 2January 31 Bad debt expense Allowance for u 11,160 11,160 January 31 Interest expense 255 Interest payable 255 January 31 Income tax expense 13,100 Income tax payable 13,100 January 31 Deferred revenue 3,100 Sales revenue 3,100 Answer is not complete. ACME Fireworks Adjusted Trial Balance January 31, 2018 Accounts Debit Credit $ 25,800 Cash Accounts receivable Allowance for uncollectible accounts Inventory Land Equipment Accumulated depreciation Accounts payable Notes payable Deferred revenue Common stock Retained earnings Salaries expense Sales revenue Cost of Goods Sold 186,000 (600) 13,900 47,000 16,000 1,600 85,600 51,000 8,200 36,000 33,200 52,100 280,000 154,200 Totals $ 495,000 495,000 On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Debit Credit $25,200 Cash Accounts Receivable Allowance for Uncollectible Accounts 46,400 $ 4,300 20,100 47,000 16,000 Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2019) Common Stock Retained Earnings 1,600 28,600 51,000 36,000 33,200 Totals $154,700 $154,700 During January 2018, the following transactions occur: January 2. Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year of the purchase date January 6. Purchase additional inventory on account, $148,000. January 15. Firework sales for the first half of the month total $136,000. All of these sales are on account. The cost of the units sold is $74,300. January 23. Receive $125,500 from customers on accounts receivable January 25. Pay $91,000 to inventory suppliers on accounts payable. January 28. Write off accounts receivable as uncollectible, $4,900 January 30. Firework sales for the second half of the month total $144,000. Sales include $10,000 for cash and $134,000 on account. The cost of the units sold is $80,000 January 31. Pay cash for monthly salaries, $52,100
