On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances Accounts Debit Credit Cash $ 23,900 Accounts Receivable 13,600 Allowance for Uncollectible Accounts $ 1,400 Supplies 2,500 Notes Receivable (6 , due in 2 years) 20,000 Land 77,000 Accounts Payable 7,200 Common Stock 96,000 Retained Earnings 32,400 Totals $ 137,000 $ 137,000 During January 2021, the following transactions occur 1 January 2 Provide services to customers for cash, $35,100 2 January 6 Provide services to customers on account, $72,400 3 January 15 Write off accounts receivable as uncollectible, $1,000 4 January 20 Pay cash for salaries, $31,400 5 January 22 Receive cash on accounts receivable, $70,000 6 January 25 Pay cash on accounts payable, $5,500 7 January 30 Pay cash for utilities during January, $13,700 The following information is available on January 31, 2021 At the end of January, $5,000 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 Supplies at the end of January total $700 Accrued interest revenue on notes receivable for January Interest is expected to be received each December 31 Unpaid salaries at the end of January are $33,500 requirement 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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Posted on Jul 18, 2024

On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 23,900 Accounts Receivable 13,600

On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:

Accounts	Debit		Credit
Cash	$	23,900
Accounts Receivable		13,600
Allowance for Uncollectible Accounts			$	1,400
Supplies		2,500
Notes Receivable (6%, due in 2 years)		20,000
Land		77,000
Accounts Payable				7,200
Common Stock				96,000
Retained Earnings				32,400
Totals	$	137,000	$	137,000

During January 2021, the following transactions occur:

1.	January	2	Provide services to customers for cash, $35,100.
2.	January	6	Provide services to customers on account, $72,400.
3.	January	15	Write off accounts receivable as uncollectible, $1,000.
4.	January	20	Pay cash for salaries, $31,400.
5.	January	22	Receive cash on accounts receivable, $70,000.
6.	January	25	Pay cash on accounts payable, $5,500.
7.	January	30	Pay cash for utilities during January, $13,700.

The following information is available on January 31, 2021.

At the end of January, $5,000 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.
Supplies at the end of January total $700.
Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
Unpaid salaries at the end of January are $33,500.

requirement

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.