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On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 24,900 14,100 $ 1,800 Accounts Cash
On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 24,900 14,100 $ 1,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings 3,000 25,000 77,500 8,800 101,000 32,900 Totals $144,500 $144,500 During January 2018, the following transactions occur January 2 Provide services to customers for cash, $40,100. January 6 Provide services to customers on account, $77,400. January 15 Write off accounts receivable as uncollectible, $1,400. January 20 Pay cash for salaries, $31,900. January 22 Receive cash on accounts receivable, $75,000. January 25 Pay cash on accounts payable, $6,000. January 30 Pay cash for utilities during January, $14,200. The following information is available on January 31, 2018. a. The company estimates future uncollectible accounts. The company determines $5,500 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 $34,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Record General Journal Jan 02 Provide services to customers for cash, $40,100. Jan 06 Provide services to customers on account, $77,400. Jan 15 Write off accounts receivable as uncollectible, $1,400. Jan 20 Pay cash for salaries, $31,900. Jan 22 Receive cash on accounts receivable $75,000. Jan 25 Pay cash on accounts payable, $6,000. Jan 30 Pay cash for utilities during January, $14,200. Jan 31 Prepare the adjusting entry for uncollectible accounts. Jan 31 Prepare the adjusting entry for supplies. Jan 31 Prepare the adjusting entry for interest. Jan 31 Prepare the adjusting entry for salaries. Jan 31 Prepare the closing entry for revenue. Jan 31 Prepare the closing entry for expenses
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