On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings 27,788 15,500 S 4,608 4,488 23,000 80,800 9,580 103,800 34,300 $151,400 $151,400 Totals During January 2021, the following transactions occur. January 2 Provide services to customers for cash, $54,100 January 6 Provide services to customers on account, $91,408 anuary 15 Write off accounts receivable as uncollectible, $4,300 January 20 Pay cash for salaries, $33,300 January 22 Receive cash on accounts receivable, $89,000 anuary 25 Pay cash on accounts payable, $7,480 Danuary 30 Pay cash for utilities during January, S15,600 The following information is available on January 31, 2021 a. At the end of January. $4.800 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 523,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts b. Supplies at the end of January total $900. 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 $35.400. General Trial Balance Statement Ledger RequirementJournal 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 the adjusting entries 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 the 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 Record the adjusting entry for uncollectible accounts. Record the adjusting entry for supplies. Record the adjusting entry for interest. Record the adjusting entry for salaries Record the closing entry for revenue. Record the closing entry for expenses. Unadjusted General Ledger Account Accounts Receivable No. Date Debit Credit Balance No. Date Jan 01, 2021 Debit Credit Balance 15,500 Jan 01, 2021 27,700 Allowance for Uncollectible Accounts Notes Receivable ate Debit Credit23000 Date Debit Balance Balance Jan 01, 2021 Jan 01, 2021 4,600 Land Supplies Date Debit Balance Date Debit Credit Balance Jan 01, 2021 4,400 Jan 01, 2021 80,800 Accounts Payable Common Stock No. Date Debit Credit Balance Date Debit Credit Jan 01, 2021 9,500 Jan 01, 2021 103,000 Retained Earnings Date Debit Credit Balance 34,300 Jan 01, 2021 3D Family Fireworks Income Statement For Month Ended January 31, 2021 3D Family Fireworks Trial Balance January 30, 2021 Revenue Account Title Debit Credit Service Revenue Cash Accounts Receivable Allowance for Uncollectible Accounts Notes Receivable Supplies Land Accounts Payable Common Stock Retained Earnings 27,700 15,500 Total Revenue 4.600 Expenses: 23,000 4,400 80,800 Salaries Expense Utilities Expense 9,500 103.000 34.300 151,400 Total Expenses Total 151,400S ncome General Ledger Income Statement> ami ks Balance Sheet January 31, 2021 Assets Liabilities Current Assets Current Liabilities: Cash S 27,700 15,500 Accounts Receivable Total Current Liabilities 3,200Total Liabilities Stockholders' Equity Total Current Assets Long-term assets: Total Stockholders' Equity Total Assets 543,200 Total Liabilities &Stockholders' Equity Enter your Accounts Receivable turnover value in 1 decimal place and Ratio of Allowance for Uncollectible Accounts in Whole (a) Calculate the receivables turnover ratio for the month of January (Hint For the numerator, use total services provided to customers on account). If the industry average of the receivables tunover ratios for the month of January is 5.4 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? times or false) company is col more (b) Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales? of Allowance for Uncollectible d the y expect or General Trial Balance Statement Income Balance Sheet Analysia General 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 the adjusting entries 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 the 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. Record the adjusting entry for uncollectible accounts. Record the adjusting entry for supplies. Record the adjusting entry for interest Record the adjusting entry for salaries. Record the closing entry for revenue. Record the closing entry for expenses