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On January 1,2024 , the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: Jariuary 2 Provlde services to customers for cash, 537,100 , January 6 Provide services to custoners on account, $74,400, January 15 Wrlte off accounts recelvable as uncollectible, $1, 000, (Assume the company uses the allowance nethod) 3anuary 20 Pay,cash for nalaries, 531,600. January 22 Recelve cash on accounts recefvable, 572,000. January 25 Pay cash on accounts payable, 55, 700. January. 30 Pay cash for utilities during-January, 513,900, The following information is available on January 31,2024. a. The company estimates future uncollectible accounts. The company determines $5,200 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 $5,200 past due and the remaining amount not past due) b. Supplies at the end of January total $800. 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 $33,700. Provide services to customers for cash, $37,100. Provide services to customers on account, $74,400. Write off accounts receivable as uncollectible, $1,000. (Assume the company uses the allowance method) Pay cash for salaries, $31,600. Receive cash on accounts receivable, $72,000. Pay cash on accounts payable, $5,700. Pay cash for utilities during January, $13,900. Note: = journal entry has been entered 8 The company estimates future uncollectible accounts. The company determines $5,200 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. Supplies at the end of January total $800. Record the adjusting entry for supplies. 10 Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31 . Record the adjusting entry for interest. Note : j journal entry has been entered 9 Supplies at the end of January total $800. Record the adjusting entry for supplies. 10 Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31 . Record the adjusting entry for interest. Unpaid salaries at the end of January are $33,700. Record the adjusting entry for salaries. Record the entry to close the revenue accounts. Record the entry to close the expense accounts. Videw trena astitin las Post-dosing Choose the sppropriate sccounts to complete the company's bsiance sheet. Make sure to select 'sdjusted' from the dropdown then populate the bolances in those accounts from the adjusted trial bslance. Enter your Accounts Receivable turnover value rounded to 1 decimal place and Ratio of Allowance for Uncollectible Account percentage rounded to 1 decimal place. Analyze how well 3D Family Fireworks manages its receivables
