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On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 24,700 14,000 $ 1,600 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (5), due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,900 24,000 77,400 8,600 100,000 32, 800 $143,000 $143,000 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $39,100. January 6 Provide services to customers on account, $76,400. January 15 Write oft accounts receivable as uncollectible, $1,400. January 20 Pay cash for salaries, $31,800. January 22 Receive cash on accounts receivable, $74,000. January 25 Pay cash on accounts payable, $5.900. January 30 Pay cash for utilities during January, $14,100. The following information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $5,400 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 $900. 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 $33,900. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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.) No General Journal Credit Date Jan 02, 2021 Debit 39,100 Cash Service Revenue 39,100 Jan 06, 2021 76,400 Accounts Receivable Service Revenue 76,400 1,400 Allowance for Uncollectible Accounts Accounts Receivable 1,400 Jan 20, 2021 31,800 Salaries Expense Cash 0 00 00 00 00 00 00 31,800 Jan 22, 2021 74,000 Cash Accounts Receivable 74,000 Jan 25, 2021 Accounts Payable Cash 5.900 5.900 Jan 30, 2021 14,100 Uslities Expense Cash 14,100 Jan 31, 2021 1,360 Bad Debt Expense Allowance for Uncollectible Accounts 1,360 Jan 31, 2021 2,000 Supplies Expense Supplies 2,000 10 Jan 31, 2021 100 Interest Receivable Interest Revenue 100 Jan 31, 2021 65,700 Salaries Expense Salaries Payable 65,700 Jan 31, 2021 Service Revenue Interest Revenue 115,500 100 13 Jan 31, 2021 Salaries Expense Utilities Expense Supplies Expense Bad Debt Expense 65,300 13,900 1,900 o Requirement General Ledger > Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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. Post-closing 3D Family Fireworks Income Statement For Month Ended January 31, 2021 Revenue: Cash 86,000 $ 86,000 Total Revenue Expenses: Total Expenses 86.000 ( Trial Balance Balance Sheet > Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Post-closing - 3D Family Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Cash Accounts Receivable 86,000 15,000 (1,560) Current Liabilities: Accounts Payable Salaries Payable Allowance for Uncollectible Accounts Income Tax Expense Total Current Liabilities 2,700 65,700 1,560 O 100 Allowance for Uncollectible Accounts Interest Receivable Inventory Notes Receivable 69,960 24.000 Total Current Assets 123,540 69,960 Long-term assets: Total Liabilities Stockholders' Equity Common Stock Retained Earnings Notes Receivable 100,000 Equipment 24,000 0 77,400 118,800 Land - Interest Expense 0 $ Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets 224,940 218,800 288,760 X Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Enter your Accounts Receivable turnover value in 1 decimal place and Ratio of Allowance for Uncollectible Accounts in Whole number. 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 4.3 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable tumover: 5.9 X times The company is collecting more efficiently. (true or false) False (b) Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. Based on a comparison of this 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? Ratio of Allowance for Uncollectible Accounts to Accounts Receivable 10 % Should the company expect improving or worsening conditions? Worsening
