On January 1, 2024, 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 2024, the following transactions occur January 2 Provide services to customers for cash, $35,100 January 6 Provide services to customers on account, $72,400 January 15 Write off accounts receivable as uncollectible, $1,000 (Assume the company uses the allowance method) January 20 Pay cash for salaries, $31,400 January 22 Receive cash on accounts receivable, $70,000 January 25 Pay cash on accounts payable, $5,500 January 30 Pay cash for utilities during January, $13,700 3 Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January ( requirement 1) and adjusting entries at the end of January ( requirement 2)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 27, 2024

On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $23,900 Accounts Receivable 13,600 Allowance

On January 1, 2024, 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 2024, the following transactions occur:

January 2		Provide services to customers for cash, $35,100.
January 6		Provide services to customers on account, $72,400.
January 15		Write off accounts receivable as uncollectible, $1,000. (Assume the company uses the allowance method)
January 20		Pay cash for salaries, $31,400.
January 22		Receive cash on accounts receivable, $70,000.
January 25		Pay cash on accounts payable, $5,500.
January 30		Pay cash for utilities during January, $13,700.

3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2).