on March 1, Terrell & Associates provides legal
Required Information The following information applies to the questions displayed below! The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Chish Accounts Receivable 48.00 Allowance for Uncollectible Accounts Supplies 10.5 Notes Receivable (due in 2 years) Land 98.00 Accounts Payable 14,90 Common Stock 158.0 Retained Earnings Service Revenue 127. Salaries Expense 72,200 Utilities Expense Supplies Expense Totals In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above 3. Provide additional services on account for 2. Al services on account include terms 2/10, June & Receive cash for customers within days of the services being provided on ovember 15 write off customer accounts of 52, collectible June 2 Record the following adjusting entries on December 3 of no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field) a. Estimate that 10% of the balance of accounts receivable transactions in requirements will not be collected b. Accrue interest on the not receivable of $36,000 which was accepted on October 2021 Interests due each September 30. Journal entry worksheet and the statura cy Required Information The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2020 Accounts Credit Cash $ 21, Accounts Receivable 48. Allowance for Uncollectible Accounts 54,800 Supplies 10,6 Notes Receivable (%, due in 2 36,00 years) Land Accounts Payable 14,9 Common Stock 158, Retained Earnings 31,200 Service Revenue Salaries Expense 72,200 Utilities Expense 28,100 Supplies Expense Totals $336,300 $3.36,300 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June Provide additional services on account for 59,00. All services on account include teres 2/10, June Receive cash from customers within 3 days of the services being provided on account. The customers were originally charged $11,500. November 15 write off customer accounts of $2,50e as uncollectible 2. Prepare an adjusted trial balance as of December 31, 2021 POP ETWORK Tom Required Information [The following Information appiles to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Debit Credit Cash $ 23,800 Accounts Receivable 48.00 Allowance for Uncollectible Accounts $ 4,800 Supplies 10,600 Notes Receivable (8%, due in 2 years) 36,000 Land 98,eee Accounts Payable 14,900 Common Stock 158,000 Retained Earnings 31,280 Service Revenue 127,400 Salaries Expense 72,200 Utilities Expense 28,10 Supplies Expense 19,600 Totals $336,300 $336,300 In addnion, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $20,000. Al services on account include terms 2/10, n/3e. June & Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500 November 15 write off customer accounts of $2,880 as uncollectible. 4. Prepare an Income statement for the period ended December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) POF FIREWORKS Required Information The following information applies to the questions displayed below] The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Debit Credit Cash 23,800 Accounts Receivable 48,00 Allowance for Uncollectible Accounts $ 4,820 Supplies 10,600 Notes Receivable (8%, due in 2 36.ece years) Land 98,000 Accounts Payable 14,90 Connon Stock 158,000 Retained Earnings 31,200 Service Revenue 127,400 Salaries Expense 72,200 Utilities Expense 28.10 Supplies Expense $336,360 $336,300 Total In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June 3 provide additional services on account for $20,00. All services on account include terms 2/1e, n/30. June 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500. November 15 write off customer accounts of 52,880 as uncollectible. 5. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be Indicated with a minus sign.) Required Information The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 202: Accounts Debit Credit Cash $ 23, Accounts Receivable Allowance for collectible Accounts 54,800 Supplies 10,600 Notes Receivable (%, doe in 2 years) 36,00 14, Accounts Payable Connon Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Total 72,200 3336,3005335.00 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June 3 Provide additional services on account for 520,000. All services on account include teres 2/10, June & Receive cash from customers within 30 days of the services being provided on account. The customers were originally charged $11, S. November 15 write off custo accounts of 52, collectible. 6. Record closing entries. If no entry is required for a particular transaction event select "No Journal Entry Required in the first account field) Journal entry worksheet 2 mergereamcuyer or WORKS es ueronowing account OCES ZOZ Credit Debit $ 23,880 48,000 $ 4,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 10,600 36,000 98,000 14,900 158,000 31,200 127,400 72,200 28,100 19,600 $336,300 $336, 300 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $20,000. All services on account include terms 2/10, 1/30. June 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500. November 15 Write off customer accounts of $2,800 as uncollectible. 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2021? b. What is the ending balance of Allowance for Uncollectible Accounts? c What amount of cash is expected to be collected from accounts receivable? D tad Deot Expense Ending Balance of Awance for Uncollectie Accounts Amour expected to be confected Common Stock Retained Earnings Totals 38.00 5143,900 $13,90 During January 2021, the following transactions occur January 2. Provide services to customers for cash, 549,1ee. January 6 Provide services to customers on account, 586,40 January 15 Write oft accounts receivable as collectible, 53,300. January 20 Pay cash for salaries, 532,30 January 22 Hecefve cash accounts receivable, 534,00 January 25 Pay cash on accounts payable, 56,900 January 3 Pay cash for utilities during January, 515,100 The following Information is available on January 31, 2021 a. The company estimates future uncollectible accounts. The company determines $4 300 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 b. Supplies at the end of January total $950 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 $34,900 Leder Journal entry worksheet 3 de to customers 54.100 Date Cara > Required information [The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Credit Cash $ 23,00 Accounts Receivable 3.00 Allowance for uncollectible Accounts Supplies 30,600 Notes Receivable (, due in 2 years) Land Accounts Payable Common Stock 158, Wetained tarnings 31,200 Service Revenue Solar Expense 72.200 utilities Expense Supplies Expense Totals In addiuidh, the following transactions occurred during 2021 and are not yet reflected in the account balances above June Provide additional services on account for $20,00. ALI services as account Jure Receive cash from customers within 3 days of the services being provided on November 15 write off customer accounts of 12.00 uncollectible . 3. Prepare an adjusted tral balance as of December 3t 2021 FOREWORD Required Information The blowing information applies to the questions displayed below) The general ledger of Pop's Preworks includes the following account balances in 2021 Accounts Credit Canti accounts Receivable 8, Allowance for Uncollectible Accounts 54,800 Supplies 10,600 Notes Receivable (s, due in 2 years) 35, Lind 98.00 Accounts Payable 14,900 Common Stock 158,000 Retained Earnings 31,200 Service Raven 127, Salaries Expense 72,200 Utilities Expense 28.100 Supplies Expense 19.500 Totals 5136,300 $336,30 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June 3 provide additional services an account for $20,000. All services on account June 8 Receive cash from customers within 30 days of the services being provided on November 15 write off customer accounts of 52, as uncollectible 4. Prepare an income statement for the period ended December 31, 2021. (Amounts to be deducted should be indicated with a minus sign] Required information The followm information plus to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021 ar Cash Accounts Hectable Allowance for Uncollectible Accounts Suplies Notes Maceivable (duets 2 Land Accounts Payable Como Stock Benda Service Salles tense uit te Solistene Totale 10,000 16.000 0,00 14,100 158. 11,200 127. 72,200 25,100 19.00 $110.000 In addition, the following transactions occurred during 2021 and are not yet rected in the account balances above June Provide tional services out for 10,00. Alles clude tres 2/10, June ceive cresce within days of the ring account. The curs worsally chards, over is wie oft customers of 1, lectie 5. Prepare a clasufled balance sheet as of December 31, 2021 Amounts to be deducted should be indicated with a minus) L Required information (The following information applies to the questions displayed below The general ledger of Pop's Fireworks includes the following account balances in 2024 Detit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies 10.60 Notes Receivable (due in 2 years) 98, Accounts Payable 34,90 Connon Stock 158,00 Metained Earnings 31,20 Service Revente Salaries pense 72,200 Utilities Expense Supplies Expense 19.00 Totalt $336,00 5835,300 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above 3 provide antional services on account for 320,000. All services on account June Receive cash from customers than se days of the services being provided on November 25 write off customer accounts of 52, as uncollectible 6. Record closing entries. Of no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field) Journal entry worksheet 2 omework Required information (The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Debit Credit Cash $ 23,00 Accounts Receivable 48,000 Allowance for Uncollectible Accounts $4,500 Supplies 10,600 Notes Receivable (B%, due in 2 36,000 years) Land 98,000 Accounts Payable 14,900 Common Stock Retained Earnings 158,000 31,200 Service Revenue 127,400 Salaries Expense 72,200 Utilities Expense 28,100 Supplies Expense 19,600 Totals 5336,300 $336,300 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June 3 Provide additional services on account for $20,000. All services on account 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500. November 15 write off customer accounts of $2,500 as uncollectible. June 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2022 b. What is the ending balance of Allowance for Uncollectible Accounts? c. What amount of cash is expected to be collected from accounts receivable? Bad Det Expense Ending Balance of Allowance for com Amounted to be collected Required Information The following information applies to the questions displayed below! The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Chish Accounts Receivable 48.00 Allowance for Uncollectible Accounts Supplies 10.5 Notes Receivable (due in 2 years) Land 98.00 Accounts Payable 14,90 Common Stock 158.0 Retained Earnings Service Revenue 127. Salaries Expense 72,200 Utilities Expense Supplies Expense Totals In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above 3. Provide additional services on account for 2. Al services on account include terms 2/10, June & Receive cash for customers within days of the services being provided on ovember 15 write off customer accounts of 52, collectible June 2 Record the following adjusting entries on December 3 of no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field) a. Estimate that 10% of the balance of accounts receivable transactions in requirements will not be collected b. Accrue interest on the not receivable of $36,000 which was accepted on October 2021 Interests due each September 30. Journal entry worksheet and the statura cy Required Information The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2020 Accounts Credit Cash $ 21, Accounts Receivable 48. Allowance for Uncollectible Accounts 54,800 Supplies 10,6 Notes Receivable (%, due in 2 36,00 years) Land Accounts Payable 14,9 Common Stock 158, Retained Earnings 31,200 Service Revenue Salaries Expense 72,200 Utilities Expense 28,100 Supplies Expense Totals $336,300 $3.36,300 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June Provide additional services on account for 59,00. All services on account include teres 2/10, June Receive cash from customers within 3 days of the services being provided on account. The customers were originally charged $11,500. November 15 write off customer accounts of $2,50e as uncollectible 2. Prepare an adjusted trial balance as of December 31, 2021 POP ETWORK Tom Required Information [The following Information appiles to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Debit Credit Cash $ 23,800 Accounts Receivable 48.00 Allowance for Uncollectible Accounts $ 4,800 Supplies 10,600 Notes Receivable (8%, due in 2 years) 36,000 Land 98,eee Accounts Payable 14,900 Common Stock 158,000 Retained Earnings 31,280 Service Revenue 127,400 Salaries Expense 72,200 Utilities Expense 28,10 Supplies Expense 19,600 Totals $336,300 $336,300 In addnion, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $20,000. Al services on account include terms 2/10, n/3e. June & Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500 November 15 write off customer accounts of $2,880 as uncollectible. 4. Prepare an Income statement for the period ended December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) POF FIREWORKS Required Information The following information applies to the questions displayed below] The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Debit Credit Cash 23,800 Accounts Receivable 48,00 Allowance for Uncollectible Accounts $ 4,820 Supplies 10,600 Notes Receivable (8%, due in 2 36.ece years) Land 98,000 Accounts Payable 14,90 Connon Stock 158,000 Retained Earnings 31,200 Service Revenue 127,400 Salaries Expense 72,200 Utilities Expense 28.10 Supplies Expense $336,360 $336,300 Total In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June 3 provide additional services on account for $20,00. All services on account include terms 2/1e, n/30. June 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500. November 15 write off customer accounts of 52,880 as uncollectible. 5. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be Indicated with a minus sign.) Required Information The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 202: Accounts Debit Credit Cash $ 23, Accounts Receivable Allowance for collectible Accounts 54,800 Supplies 10,600 Notes Receivable (%, doe in 2 years) 36,00 14, Accounts Payable Connon Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Total 72,200 3336,3005335.00 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June 3 Provide additional services on account for 520,000. All services on account include teres 2/10, June & Receive cash from customers within 30 days of the services being provided on account. The customers were originally charged $11, S. November 15 write off custo accounts of 52, collectible. 6. Record closing entries. If no entry is required for a particular transaction event select "No Journal Entry Required in the first account field) Journal entry worksheet 2 mergereamcuyer or WORKS es ueronowing account OCES ZOZ Credit Debit $ 23,880 48,000 $ 4,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 10,600 36,000 98,000 14,900 158,000 31,200 127,400 72,200 28,100 19,600 $336,300 $336, 300 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $20,000. All services on account include terms 2/10, 1/30. June 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500. November 15 Write off customer accounts of $2,800 as uncollectible. 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2021? b. What is the ending balance of Allowance for Uncollectible Accounts? c What amount of cash is expected to be collected from accounts receivable? D tad Deot Expense Ending Balance of Awance for Uncollectie Accounts Amour expected to be confected Common Stock Retained Earnings Totals 38.00 5143,900 $13,90 During January 2021, the following transactions occur January 2. Provide services to customers for cash, 549,1ee. January 6 Provide services to customers on account, 586,40 January 15 Write oft accounts receivable as collectible, 53,300. January 20 Pay cash for salaries, 532,30 January 22 Hecefve cash accounts receivable, 534,00 January 25 Pay cash on accounts payable, 56,900 January 3 Pay cash for utilities during January, 515,100 The following Information is available on January 31, 2021 a. The company estimates future uncollectible accounts. The company determines $4 300 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 b. Supplies at the end of January total $950 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 $34,900 Leder Journal entry worksheet 3 de to customers 54.100 Date Cara > Required information [The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Credit Cash $ 23,00 Accounts Receivable 3.00 Allowance for uncollectible Accounts Supplies 30,600 Notes Receivable (, due in 2 years) Land Accounts Payable Common Stock 158, Wetained tarnings 31,200 Service Revenue Solar Expense 72.200 utilities Expense Supplies Expense Totals In addiuidh, the following transactions occurred during 2021 and are not yet reflected in the account balances above June Provide additional services on account for $20,00. ALI services as account Jure Receive cash from customers within 3 days of the services being provided on November 15 write off customer accounts of 12.00 uncollectible . 3. Prepare an adjusted tral balance as of December 3t 2021 FOREWORD Required Information The blowing information applies to the questions displayed below) The general ledger of Pop's Preworks includes the following account balances in 2021 Accounts Credit Canti accounts Receivable 8, Allowance for Uncollectible Accounts 54,800 Supplies 10,600 Notes Receivable (s, due in 2 years) 35, Lind 98.00 Accounts Payable 14,900 Common Stock 158,000 Retained Earnings 31,200 Service Raven 127, Salaries Expense 72,200 Utilities Expense 28.100 Supplies Expense 19.500 Totals 5136,300 $336,30 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June 3 provide additional services an account for $20,000. All services on account June 8 Receive cash from customers within 30 days of the services being provided on November 15 write off customer accounts of 52, as uncollectible 4. Prepare an income statement for the period ended December 31, 2021. (Amounts to be deducted should be indicated with a minus sign] Required information The followm information plus to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021 ar Cash Accounts Hectable Allowance for Uncollectible Accounts Suplies Notes Maceivable (duets 2 Land Accounts Payable Como Stock Benda Service Salles tense uit te Solistene Totale 10,000 16.000 0,00 14,100 158. 11,200 127. 72,200 25,100 19.00 $110.000 In addition, the following transactions occurred during 2021 and are not yet rected in the account balances above June Provide tional services out for 10,00. Alles clude tres 2/10, June ceive cresce within days of the ring account. The curs worsally chards, over is wie oft customers of 1, lectie 5. Prepare a clasufled balance sheet as of December 31, 2021 Amounts to be deducted should be indicated with a minus) L Required information (The following information applies to the questions displayed below The general ledger of Pop's Fireworks includes the following account balances in 2024 Detit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies 10.60 Notes Receivable (due in 2 years) 98, Accounts Payable 34,90 Connon Stock 158,00 Metained Earnings 31,20 Service Revente Salaries pense 72,200 Utilities Expense Supplies Expense 19.00 Totalt $336,00 5835,300 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above 3 provide antional services on account for 320,000. All services on account June Receive cash from customers than se days of the services being provided on November 25 write off customer accounts of 52, as uncollectible 6. Record closing entries. Of no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field) Journal entry worksheet 2 omework Required information (The following information applies to the questions displayed below) The general ledger of Pop's Fireworks includes the following account balances in 2021 Accounts Debit Credit Cash $ 23,00 Accounts Receivable 48,000 Allowance for Uncollectible Accounts $4,500 Supplies 10,600 Notes Receivable (B%, due in 2 36,000 years) Land 98,000 Accounts Payable 14,900 Common Stock Retained Earnings 158,000 31,200 Service Revenue 127,400 Salaries Expense 72,200 Utilities Expense 28,100 Supplies Expense 19,600 Totals 5336,300 $336,300 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above June 3 Provide additional services on account for $20,000. All services on account 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500. November 15 write off customer accounts of $2,500 as uncollectible. June 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2022 b. What is the ending balance of Allowance for Uncollectible Accounts? c. What amount of cash is expected to be collected from accounts receivable? Bad Det Expense Ending Balance of Allowance for com Amounted to be collected
