On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,108 Accounts Receivable 13,700 Allowance for Uncollectible Accounts $1,000 Supplies 2,600 Notes Receivable (6%, due in 2 years) 21,000 Land 77.100 Accounts Payable 8,000 Common Stock 97.000 Retained Earnings 32,500 Totals $138,500 $138,500 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $36,100. January 6 Provide services to customers on account, $73,400 January 15 Write off accounts receivable as uncollectible, $800. January 20 Pay cash for salaries, $31,500. January 22 Receive cash on accounts receivable, $71,000. January 25 Pay cash on accounts payable, 55,600 January 30 Pay cash for utilities during January, $13,800 The following information is available on January 31, 2021 a. 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 $5,100 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 Tab). 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/cdlvideo/review/2545318677c9cc20218) b. Supplies at the end of January total $750. 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 $33,600 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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.) No General Journal Debit Credit Date Jan 02. 2021 1 Cash Service Revenue 36,100 oo 36,100 2 Jan 06, 2021 73,400 Accounts Receivable Service Revenue oo 73,400 3 Jan 15, 2021 800 Allowance for Uncollectible Accounts Accounts Receivable > O 800 4 Jan 20, 2021 31,500 Salaries Expense Cash O 31.500 5 Jan 22, 2021 71,000 Cash Accounts Receivable OO 71,000 6 Jan 25, 2021 5,600 Accounts Payable Cash 5,600 7 Jan 30, 2021 Utilities Expense 13,800 6 Jan 25, 2021 Accounts Payable Cash 5,600 Ols 5,600 7 Jan 30, 2021 Utilities Expense Cash 13,800 13,800 8 Jan 31, 2021 Bad Debt Expense Allowance for Uncollectible Accounts 1,330 . > 1,330 9 Jan 31, 2021 > Supplies Expense Supplies 1,850 1,850 10 Jan 31, 2021 Interest Receivable 105 > Interest Revenue >> 105 11 Jan 31, 2021 Salaries Expense Salaries Payable 33,600 33,600 12 Jan 31, 2021 Service Revenue 109,500 13 Jan 31, 2021 Interest Expono Utilities Expense Bad Debt Expense Supplies Expense 33,600 13,800 1,330 1,850 OO Assets slo 3D Family Fireworks Balance Sheet January 31, 2021 Liabilities Current Liabilities: 80,300 Allowance for Uncollectible Accounts 15,300 Accounts Payable 750 Salaries Payable 21,000 105 Total Current Liabilities Current Assets: Cash Accounts Receivable Supplies Notes Receivable Interest Receivable E 1,530 2.400 33,600 % 37,530 117,455 37,530 Total Current Assets Long-term assets Land Total Liabilities Stockholders' Equity Common Stock 22 77.100 97,000 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0 97,000 134,530 Total Assets $ 194,555 S
