Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 25,700 14,5ee $ 2.600 Accoun Cash

image text in transcribed
image text in transcribed
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 25,700 14,5ee $ 2.600 Accoun Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,400 29,000 77,900 9,600 105,000 33,300 $150,500 $150,500 During January 2021, the following transactions occur January 2 Provide services to customers for cash, 44100 January 6 Provide services to customers on account, 551,400. January 15 write off accounts receivable as uncollectible, 52,200. January 20 Pay cash for salaries, $32,300. January 22 Receive cash on accounts receivable, 579,000. January 25 Pay cash on accounts payable, 36,400. January 30 Pay cash for utilities during January $14,600. The following information is available on January 31, 2021 a. The company estimates future uncollectible accounts. The company determines $5.900 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, and 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 5700 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 $34.400 General Requirement Trial Blance Income Statement Balance Sheet Analysis Ledger 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 red.) Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, selec Required in the first account field.) View transaction list Journal entry worksheet Record the closing entry for expenses. Note: Enter debits before credits. Credit Debit 125,500 Date General Journal Jan 31, 2021 Service Revenue Supplies Expense Salaries Expense Utilities Expense Bad Debt Expense 2.700 34,400 14,600 1.161 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management And Cost Accounting

Authors: Charles T. Horngren, Alnoor Bhimani, Srikant M. Datar, George Foster

1st Edition

0130805475, 978-0130805478

More Books

Students also viewed these Accounting questions

Question

1. Walk to the child, look into his or her eyes.

Answered: 1 week ago

Question

What does Regulation 173 (2)(b) also state must occur

Answered: 1 week ago

Question

Define Scientific Management

Answered: 1 week ago

Question

Explain budgetary Control

Answered: 1 week ago

Question

Solve the integral:

Answered: 1 week ago

Question

What is meant by Non-programmed decision?

Answered: 1 week ago