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On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balan Credit Debit $ 26,700 14,200 $ 1,900 Accounts Cash
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balan Credit Debit $ 26,700 14,200 $ 1,900 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings 3,400 27,200 51,900 5,200 69,300 48,500 $ 124,900 Totals $123,400 During January 2021, the following transactions occur: 1. January 2 Provide services to customers for cash, $28,200. 2. January 6 Provide services to customers on account, $68,100. 3. January 15 Write off accounts receivable as uncollectible, $1,000. 4. January 20 Pay cash for salaries, $31,100. 5. January 22 Receive cash on accounts receivable, $69,300. 6. January 25 Pay cash on accounts payable, $3,800. 7. January 30 Pay cash for utilities during January, $9,900. The following information is available on January 31, 2021. 8. At the end of January, $3,600 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 $29,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. 9. Supplies at the end of January total $750. 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 $28,100. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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 adjusting entries on January 31. 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 closing entries in the 'General Journal' tab (these are shown as items 12 and 13). 7. Using the information from the requirements above, complete the 'Analysis' tab. On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balan Credit Debit $ 26,700 14,200 $ 1,900 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings 3,400 27,200 51,900 5,200 69,300 48,500 $ 124,900 Totals $123,400 During January 2021, the following transactions occur: 1. January 2 Provide services to customers for cash, $28,200. 2. January 6 Provide services to customers on account, $68,100. 3. January 15 Write off accounts receivable as uncollectible, $1,000. 4. January 20 Pay cash for salaries, $31,100. 5. January 22 Receive cash on accounts receivable, $69,300. 6. January 25 Pay cash on accounts payable, $3,800. 7. January 30 Pay cash for utilities during January, $9,900. The following information is available on January 31, 2021. 8. At the end of January, $3,600 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 $29,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. 9. Supplies at the end of January total $750. 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 $28,100. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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 adjusting entries on January 31. 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 closing entries in the 'General Journal' tab (these are shown as items 12 and 13). 7. Using the information from the requirements above, complete the 'Analysis' tab
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