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please make general jornals, income statement, and balance sheet On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts
please make general jornals, income statement, and balance sheet
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit Cash $ 58,900 Accounts Receivable 25,400 Allowance for Uncollectible Accounts $ 2,400 Inventory 36,500 Notes Receivable (54, due in 2 years) 14,400 Land 157,000 Accounts Payable 15,000 Common Stock 222,000 Retained Earnings $2,800 Totals 5292,200 $292,200 During January 2021, the following transactions occur January 1 Purchase equipment for $19,700. The company estimates a residual value of $1,700 and a five-year service life. January 4 Pay cash on accounts payable, $9,700. January 8 Purchase additional inventory on account, $84,900. January 15 Receive cash on accounts receivable, $22,200. January 19 Pay cash for salaries, $30,000. January 28 Pay cash for January utilities. $16,700. January 30 sales for January total $222,000. All of these sales are on account. The cost of the units sold is $116,000. The following Information is available on January 31, 2021. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. Accrued interest revenue on notes receivable for January c Unpaid salaries at the end of January are $32,800. d. Accrued Income taxes at the end of January are $9,200. e. The company estimates and records bad debt expense (and adds to the Allowance account through this journal entry) at the end of each month. At the end of January, the company determines that determines $3,200 of the total Accounts Receivable account is over 90 days old, with the remaining A/R balance being current (Hint use the A/R balance in the General Ledger Tab). 50% of the A/R older than 90 days is estimated to be uncollectible, and 3% of the current balance is estimated to be uncollectible. Please calculate the amount that needs to be added to the Allowance account and Bad Debt Expense and complete the journal entry. (Watch video tutorial on this subject: https://vimeo.com/cdivideo/review/254531867/7c9cc21218) Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No jou account field.) View transaction list Journal entry worksheet Purchase equipment for $19,700. The company estimates a residual value of $1,700 and a five-year service life. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01 Equipment Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' will then populate the balances in those accounts from the adjusted trial balance. Unadjusted TNT FIREWORKS Multiple-Step Income Statement For the year ended January 31, 2021 Gross profit $ 0 0 Total operating expenses Operating income 0 0 $ 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the drop will then populate the balances in those accounts from the adjusted trial balance. Unadjusted TNT FIREWORKS Balance Sheet January 31, 2021 Liabilities Current Liabilities: Assets Current Assets: Total Current Liabilities 0 0 Total Current Assets 0 Total Liabilities Noncurrent Assets Stockholders' Equity 0 Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity $ Total Assets s 0 Step by Step Solution
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