On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances Accounts Debit Credit Cash $ 12,100 Accounts Receivable 35,800 Inventory 152,900 Land 76,300 Buildings 129,000 Allowance for Uncollectible Accounts $ 2,700 Accumulated Depreciation 10,500 Accounts Payable 27,600 Common Stock 209,000 Retained Earnings 156,300 Totals $ 406,100 $ 406,100 During January 2018, the following transactions occur January 1 Borrow $109,000 from Captive Credit Corporation The installment note bears interest at 6 annually and matures in 5 years Payments of $2,070 are required at the end of each month for 60 months January 4 Receive $31,900 from customers on accounts receivable January 10 Pay cash on accounts payable, $20,000 January 15 Pay cash for salaries, $29,800 January 30 Firework sales for the month total $200,400 Sales include $65,900 for cash and $134,500 on account The cost of the units sold is $117,000 January 31 Pay the first monthly installment of $2,070 related to the $109,000 borrowed on January 1 Round your interest calculation to the nearest dollar The following information is available on January 31, 2018 Depreciation on the building for the month of January is calculated using the straight line method At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,400 The company estimates future uncollectible accounts The company determines $3,900 of accounts receivable on January 31 are past due, and 50 of these accounts are estimated to be uncollectible The remaining accounts receivable on January 31 are not past due, and 3 of these accounts are estimated to be uncollectible (Hint Use the January 31 accounts receivable ending balance shown in the general ledger to start your calculations ) Record the estimated bad debt expense Unpaid salaries at the end of January are $27,000 (Recognize that salaries are owed, but have not been paid yet ) Accrue income taxes at the end of January are $8,900 (Recognize that income taxes are due, but have not been paid yet ) did the rest just need bad debt expense, salaries expense adjusting entry for tax income and closing entry for revenue prepare adjusting entry for uncollectible accounts prepare adjusting entries for salaries prepare adjusting entries for income tax prepare closing entry for revenue prepare closing entry for expense (all jan 31)

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Posted on Sep 07, 2024

On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances:

Accounts	Debit		Credit
Cash	$	12,100
Accounts Receivable		35,800
Inventory		152,900
Land		76,300
Buildings		129,000
Allowance for Uncollectible Accounts			$	2,700
Accumulated Depreciation				10,500
Accounts Payable				27,600
Common Stock				209,000
Retained Earnings				156,300

Totals	$	406,100	$	406,100

During January 2018, the following transactions occur:

January 1	Borrow $109,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,070 are required at the end of each month for 60 months.
January 4	Receive $31,900 from customers on accounts receivable.
January 10	Pay cash on accounts payable, $20,000.
January 15	Pay cash for salaries, $29,800.
January 30	Firework sales for the month total $200,400. Sales include $65,900 for cash and $134,500 on account. The cost of the units sold is $117,000.
January 31	Pay the first monthly installment of $2,070 related to the $109,000 borrowed on January 1. Round your interest calculation to the nearest dollar.

The following information is available on January 31, 2018.

Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,400.
The company estimates future uncollectible accounts. The company determines $3,900 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable ending balance shown in the general ledger to start your calculations.) Record the estimated bad debt expense.
Unpaid salaries at the end of January are $27,000. (Recognize that salaries are owed, but have not been paid yet.)
Accrue income taxes at the end of January are $8,900. (Recognize that income taxes are due, but have not been paid yet.)

did the rest just need:bad debt expense, salaries expense adjusting entry for tax income and closing entry for revenue

prepare adjusting entry for uncollectible accounts.

prepare adjusting entries for salaries

prepare adjusting entries for income tax

prepare closing entry for revenue

prepare closing entry for expense (all jan 31)