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, $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. The following information is available on January 31,2024. a. The company estimates future uncollectible accounts. The company determines $5,000 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 $5,000 past due and the remaining amount not past due b. Supplies at the end of January total $700. 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 $33,500. 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. 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: 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. 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 income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, then populate the balances in those accounts from the adjusted trial balance. Enter your Accounts Receivable turnover value rounded to 1 decimal place and Ratio of Allowance for Uncollectible Accounts a 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 account.) If the industry average of the receivables turnover ratios for the month of January is 4.2 times, is the company collecting cash rom customers more or less efficiently than other companies in the same industry? Accounts Receivable turnover: The company is collecting more efficiently. (true or false) \begin{tabular}{|l|} \hline times \\ \hline \\ \hline \end{tabular} b) Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. Based on a comparison of his 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