On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balonces: Accounts Debat Credit Canh $ 26,900 Accounts Receivable 15,100 Allowance for Uncollectible Accounta $ 3,800 Supplies 4,000 Notes Receivable (64, due in 2 years) 19,000 80,400 Accounts Payable 8,700 Coron Stock 99,000 Retained Earnings 33,900 Totals $145,400 5145,400 Land 10 During January 2021, the following transactions occur January 2 provide services to customers for canh, 550,100. January provide services to customers on count, 607, 400, January 15 Weite ber accounts receivable as uncollectible, $3,500. January 20 Pay cash for salaries, $32,900. January 22 Receive cash on accounts receivable, 505,000. January 25 Pay cash on accounts payable, $7,000. January 30 Pay cach toe utilities during January 05,200. The following information is available on January 31, 2021 The company estimates and records bad debt expense (and adds to the Allowance account through this journal entry) at the end of each month. At the end of January, the company determines that determines $4,400 of the total Accounts Receivable account is over 90 days old, with the remaining A/R balance being current (Hint use the A/R balance in the General Ledger Tob). 20% of the A/R older than 90 days is estimated to be uncollectible, and 5% of the current balance is estimated to be uncollectible. Please calculate the amount that needs to be added to the Allowance account and Bad Debt Expense and complete the journal entry Watch video tutorial on this subject: https://vimeo.com/cdivideo/review/254531867/7c9cc2a218) b. Supplies at the end of January total $700. Accrued interest revenue on notes recevable for January, Interest is expected to be received each December 31 d. Unpaid salaries at the end of January are $35.000 Requirement General General Trial Balance Income Catamant Balance Sheet Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-7). Review the 'General Ledger and the Trial Balance' tabs to see the effect of the transactions on the account balances 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-11). 3. Review the adjusted Trial Balance' as of January 31, 2021, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended January 31, 2021, in the Income Statement' tab, 5. Prepare a classified balance sheet as of January 31, 2021 in the Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 12 and 13)
