Question
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $ 25,300 Accounts Receivable.
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $ 25,300 Accounts Receivable. Allowance for Uncollectible Accounts Supplies 14,300. $ 2,200 3,200 Notes Receivable (68, due in 2 years) 27,000 Landi 77,700 Accounts Payable. 9,200 Common Stock 103,000 Retained Earnings 33,100 Totals $147,500 $147,500 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $42,100. January 6 Provide services to customers on account, $79,400. January 15 Write off accounts receivable as uncollectible, $1,800. January 20 Pay cash for salaries, $32,100. January 22 Receive cash on accounts receivable, $77,000. January 25 Pay cash on accounts payable, $6,200. January 30 Pay cash for utilities during January, $14,400. The following information is available on January 31, 2021. a. At the end of January, $5,700 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The note receivable of $27,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. b. Supplies at the end of January total $600. 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 $34,200. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 6 7 8 9 10 11 12 13 Record the adjusting entry for interest. Note: Enter debits before credits. Date Jan 31, 2021 General Journal Debit Credit < Prev 7 of 7 Next >
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