Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please show work so I can see where my calculations went wrong. Thank you! The following information applies to the questions displayed below.] The general
Please show work so I can see where my calculations went wrong. Thank you!
The following information applies to the questions displayed below.] The general ledger of Pop's Fireworks includes the following account balances in 2021: Credit Debit $ 22,600 45,000 $ 3,600 8,800 24,000 92,000 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 13,700 134,000 30,600 126,200 71,600 26,300 17,800 $308,100 $308,100 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 $14,000. All services on account include terms 2/10, n/30. June 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $8,500. November 15 Write off customer accounts of $2,200 as uncollectible. - Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, selec No Journal Entry Required" in the first account field.) a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected b. Accrue interest on the note receivable of $10,000, which was accepted on October 1, 2021. Interest is due each September 30. Answer is complete but not entirely correct. No Credit Date Dec 31, 2021 General Journal Bad Debt Expense Allowance for Uncollectible Accounts Debit 5,050 5,050 x 2 Dec 31, 2021 200 X Interest Receivable Interest Revenue 200Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started