On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: During January 2021, the following transactions occur: 1. January 2 Provide services to customers for eash, $24,500. 2. January 6 Provide services to customers on account, $61,700. 3. January 15 Write off accounta receivable an uncollectible, $900. 4. January 20 Pay cash for salarien, $28,200. 5. January 22 Recoive eash on accounts receivable, $62,900. 6. January 25 Pay canh on accounts payable, $4,320. 7. Januaxy 30 Pay cash for utilities during January, $10,700. The following information is available on January 31,2021. 8. At the end of January, $3,900 of accounts receivable are past due, and the company estimates that 15% 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 $610. 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 $23,200. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 17 ). 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 Joumal' tab (these are shown as items 8-11). 8. At the end of January, $3,900 of accounts receivable are past due, and the company estimates that 15% of the be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The $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 $610. 10. Accrued interest revenue on notes receivable for January. Interest is expected to be received each Decembe 11. Unpaid salaries at the end of January are $23,200. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No jourr in the first account field.) 9. Suppiles at the end or January total solu. 10. Accrued interest revenue on notes receivable for January. Interest is expected to be received each Dec 11. Unpaid salaries at the end of January are $23,200. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "N in the first account field.) 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 $610. 10 Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31 . 12 Record the closure revenue accounts. 13 Record the closure expense accounts. Note : = journal entry has been entered Y. Suppiles at the end or january total \$otU. 10. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 11. Unpaid salaries at the end of January are $23,200. Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based selection. Suppies at the end or january totai \$oU. 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 $23,200. Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's bala The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. 9. Supplies at the end of January total $610. 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 $23,200. Using the information from the requirements above, complete the 'Analysis' tab. (Enter your Accounts receivable turnover ratio in 1 decimal place and Ratio of allowance for uncollectible accounts in whole number.) (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 turnover ratios for the month of January is 4.2 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Recelvable turnover: The company is collecting more efficiently. (true or false) (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