On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
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On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $ 27,400 Accounts Receivable 15,700 Allowance for Uncollectible Accounts Supplies $ 1,900 3,400. Notes Receivable (6%, due in 2 years) 27,200 Landi 57,700 Accounts Payable 5,700 Common Stock Retained Earnings Totals 75,800 48,000 $131,400 $131,400 During January 2021, the following transactions occur: 1. January 2 Provide services to customers for cash, $29,800. 2. January 6 Provide services to customers on account, $87,300. 3. January 15 Write off accounts receivable as uncollectible, $1,200. 4. January 20 Pay cash for salaries, $37,400. 5. January 22 Receive cash on accounts receivable, $83,300. 6. January 25 Pay cash on accounts payable, $4,410. 7. January 30 Pay cash for utilities during January, $11,100. The following information is available on January 31, 2021. 8. At the end of January, $4,000 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 $20,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. 9. Supplies at the end of January total $660. 10. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. 11. Unpaid salaries at the end of January are $28,800. On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $ 27,400 Accounts Receivable 15,700 Allowance for Uncollectible Accounts Supplies $ 1,900 3,400. Notes Receivable (6%, due in 2 years) 27,200 Landi 57,700 Accounts Payable 5,700 Common Stock Retained Earnings Totals 75,800 48,000 $131,400 $131,400 During January 2021, the following transactions occur: 1. January 2 Provide services to customers for cash, $29,800. 2. January 6 Provide services to customers on account, $87,300. 3. January 15 Write off accounts receivable as uncollectible, $1,200. 4. January 20 Pay cash for salaries, $37,400. 5. January 22 Receive cash on accounts receivable, $83,300. 6. January 25 Pay cash on accounts payable, $4,410. 7. January 30 Pay cash for utilities during January, $11,100. The following information is available on January 31, 2021. 8. At the end of January, $4,000 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 $20,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. 9. Supplies at the end of January total $660. 10. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. 11. Unpaid salaries at the end of January are $28,800.
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