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On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit $27,900 Credit Accounts Receivable 15,600
On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit $27,900 Credit Accounts Receivable 15,600 Allowance for Uncollectible Accounts $1,700 Supplies 4,500 Notes Receivable (68, due in 2 years) 24,000 Land 80,900 Accounts Payable Common Stock Retained Earnings 12,800 104,000 34,400 Totals $152,900 $152,900 During January 2024, the following transactions occur. Help January 2 Provide services to customers for cash, $55,100. January 6 January 15 January 20 January 22 Provide services to customers on account, $92,400. Write off accounts receivable as uncollectible, $4,500. (Assume the company uses the allowance method), Pay cash for salaries, $33,400. Receive cash on accounts receivable, $90,000. January 25 Pay cash on accounts payable, $7,500. January 30 Pay cash for utilities during January, $15,700. The following information is available on January 31, 2024. a. The company estimates future uncollectible accounts. The company determines $4,900 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 to split total accounts receivable into the $4,900 past due and the remaining amount not past due.) b. Supplies at the end of January total $950. All other supplies have been used. 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 $35,500. < Previ 3 of 5 Next > G Got a more cave UILURELOVIC. Joy LLURS RELEVOU VOILE LOCUINTE the general ledger to split total accounts receivable into the $4,900 past due and the remaining amount not past due.) b. Supplies at the end of January total $950. All other supplies have been used. 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 $35,500. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis es 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 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 to 11). 3. Review the adjusted Trial Balance' as of January 31, 2024, in the Trial Balance' tab. 4. Prepare an income statement for the period ended January 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2024 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.
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