On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,500 Accounts Receivable 13, 900 Allowance for Uncollectible Accounts $ 1,400 Supplies 2,800 Notes Receivable (6%, due in 2 years) 23,880 Land 77, 300 Accounts Payable 8,400 Common Stock 99,000 Retained Earnings 32,700 Totals $141,500 $141,500 During January 2021, the following transactions occur. January 2 Provide services to customers for cash, $38, 100. January 6 Provide services to customers on account, $75,400. January 15 Write off accounts receivable as uncollectible, $1,200 January 20 Pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 Pay cash on accounts payable, $5,800. January 30 pay cash for utilities during January, $14,000. The following information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $5,300 of accounts receivable on January 31 are past due and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, orld 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) b. Supplies at the end of January total $850. 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 $33,800. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 02, 2021 Cash Service Revenue 38 100 38,100 2 Jan 06, 2021 Accounts Receivable Service Revenue 75,400 75,400 IN 3 Jan 15, 2021 Allowance for Uncollectible Accounts Accounts Receivable 1.200 1,200 4 Jan 20, 2021 Salaries Expense Cash 31,700 31,700 5 Jan 22, 2021 Cash Accounts Receivable 73,000 73,000 IN 6 Jan 25, 2021 Accounts Payable Cash 5.800 5.800 7 Jan 30, 2021 Utilities Expense 14,000 Cash 14,000 B Jan 31, 2021 Bad Debt Expense Allowance for Uncollectible Accounts 1,400 1,400 . 9 Jan 31, 2021 Supplies Expense Supplies 1.950 1,950 10 Jan 31, 2021 Interest Receivable 115 Interest Revenue 115 11 u Jan 31, 2021 Salaries Expense Salaries Payable 33,800 33,800 Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31, 2021 Record entry Clear entry View general journal Journal entry worksheet Requirement General General Income Journal Ledger Trial Balance Balance Sheet Statement Analysis Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Adjusted 3D Family Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Assets Current Liabilities $ 0 0 0 0 0 Total Current Liabilities 0 Total Current Assets Long-term assets 0 Total Liabilities Stockholders' Equity 0 0 0 Total Stockholders' Equity O Total Liabities & Stockholders' Equity Total Assets $ $ 0 Income Statement Analysis Prev 1 of 1 Next Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Ants Enter your Accounts Receivable turnover value in 1 decimal place and Ratio of Allowance for Uncollectible Accounts in Whole number Aristyre how wel 30 Family Fireworks manages les receivables (a) Calculate the receivables turnover ratio for the month of January (Hint For the numerator use total services provided to customers on account the industry average of the receivables tumover ratios for the month of January is 4.1 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable turnover times The company is collecting more efficiently. (true or base) (b) Calculate the ratio of Allowance for Uncollectie Accounts to Accounts Receivable at the end of January. Based on a comparison of this ratio to the same ratio at the beginning of rusy, does the company expect an improvement or worsening in cash collections from customers on credit sales? Ratio of Allowance for Uncollectible Accounts to Accounts Receivable Should the company expect improving or worsening conditions?