On January 1, 2024, the general ledger of TNT Fireworks included the following account balances: Accounts...
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On January 1, 2024, the general ledger of TNT Fireworks included the following account balances: Accounts Cash Accounts Receivable Debit Credit $ 59,100 25,800 Allowance for Uncollectible Accounts $ 2,600 Inventory 36,700 Notes Receivable (58, due in 2 years) 16,800 Land 159,000 Accounts Payable Common Stock Retained Earnings 15,200 224,000 55,600 Totals $ 297,400 $ 297,400 During January 2024, the following transactions occurred: January 1 Purchased equipment for $19,900. The company estimates a residual value of $1,900 and life. January 4 Paid cash on accounts payable, $9,900. January 8 Purchased additional inventory on account, $86,900. January 15 Received cash on accounts receivable, $22,400 January 19 Paid cash for salaries, $30,200. January 28 Paid cash for January utilities, $16,900. a five-year service January 30 Firework sales for January totaled $224,000. All of these sales were on account. The cost of the units sold was $117,000. The following information is available on January 31, 2024. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $5,820 for estimated future uncollectible accounts. c. The company has accrued interest on notes receivable for January. Interest will be received each December 31. d. Unpaid salaries owed to employees at the end of January are $33,000. e. The company accrued income taxes at the end of January of $9,400. Complete this question by entering your answers in the tabs below. On January 1, 2024, the general ledger of TNT Fireworks included the following account balances: Accounts Cash Accounts Receivable Debit Credit $ 59,100 25,800 Allowance for Uncollectible Accounts $ 2,600 Inventory 36,700 Notes Receivable (58, due in 2 years) 16,800 Land 159,000 Accounts Payable Common Stock Retained Earnings 15,200 224,000 55,600 Totals $ 297,400 $ 297,400 During January 2024, the following transactions occurred: January 1 Purchased equipment for $19,900. The company estimates a residual value of $1,900 and life. January 4 Paid cash on accounts payable, $9,900. January 8 Purchased additional inventory on account, $86,900. January 15 Received cash on accounts receivable, $22,400 January 19 Paid cash for salaries, $30,200. January 28 Paid cash for January utilities, $16,900. a five-year service January 30 Firework sales for January totaled $224,000. All of these sales were on account. The cost of the units sold was $117,000. The following information is available on January 31, 2024. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $5,820 for estimated future uncollectible accounts. c. The company has accrued interest on notes receivable for January. Interest will be received each December 31. d. Unpaid salaries owed to employees at the end of January are $33,000. e. The company accrued income taxes at the end of January of $9,400. Complete this question by entering your answers in the tabs below.
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Financial Accounting
ISBN: 978-1259307959
4th edition
Authors: David Spiceland, Wayne Thomas, Don Herrmann
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