On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances:

During January 2024, the following transactions occur:

January 2	Provide services to customers for cash, $39,100.
January 6	Provide services to customers on account, $76,400.
January 15	Write off accounts receivable as uncollectible, $1,400. (Assume the company uses the allowance method)
January 20	Pay cash for salaries, $31,800.
January 22	Receive cash on accounts receivable, $74,000.
January 25	Pay cash on accounts payable, $5,900.
January 30	Pay cash for utilities during January, $14,100.

The following information is available on January 31, 2024. a. The company estimates future uncollectible accounts. The company determines $5,400 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 $5,400 past due and the remaining amount not past due.) b. Supplies at the end of January total $900. 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 $33,900.

8.) The company estimates future uncollectible accounts. The company determines $5,400 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.) Record the adjusting entry for uncollectible accounts.

Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet 56 Provide services to customers on account, $76,400. Note: Enter debits before credits. Journal entry worksheet Supplies at the end of January total $900. Record the adjusting entry for supplies. Note: Enter debits before credits. Each journal entry is posted automatically to the general ledger. Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing account balance. The option you choose will be the values used to populate the trial balance, income statement and balance sheet tabs. Journal entry worksheet The company estimates future uncollectible accounts. The company determines $5,400 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 Note: Enter debits before credits. Journal entry worksheet INote: tncer aedits Derore creaits. 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. Enter your Accounts Receivable turnover value rounded to 1 decimal place and Ratio of Allowance for Uncollectible Accoun percentage rounded to 1 decimal place. Analyze how well 3D Family Fireworks manages its receivables a) Calculate the receivables turnover ratio for the month of January. (Hint: For the numerator, use total services provided to customers on iccount.) If the industry average of the receivables turnover ratios for the month of January is 4.3 times, is the company collecting cash om customers more or less efficiently than other companies in the same industry? iccounts Receivable turnover: he 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 is ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from ustomers on credit sales? 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 field.) Journal entry worksheet Note: tnter aebits betore creaits. Journal entry worksheet Note: Enter debits before credits. \begin{tabular}{lrr} Accounts & Debit & \multicolumn{1}{c}{ Credit } \\ Cash & $24,700 & \\ Accounts Receivable & 14,000 & \\ Allowance for Uncollectible Accounts & & $1,500 \\ Supplies & 2,900 & \\ Notes Receivable (5\%, due in 2 years) & 24,000 & \\ Land & 77,400 & \\ Accounts Payable & & 100,700 \\ Common Stock & & 32,800 \\ Retained Earnings & & $143,000 \\ Totals & $143,000 & \\ \hline \hline \end{tabular} Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which then populate the balances in those accounts from the adjusted trial balance. Journal entry worksheet 56 Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Unpaid salaries at the end of January are $33,900. Record the adjusting entry for salaries. Note: Enter debits before credits. Journal entry worksheet 1 7813 Write off accounts receivable as uncollectible, $1,400. (Assume the company uses the allowance method) Note: Enter debits before credits. Journal entry worksheet to be received each December 31 . Record the adjusting entry for interest. Note: Enter debits before credits. Journal entry worksheet