Prepare an adjusted trial balance and income statement as of January 31, 2018. (General journals are filled out.)
On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances:
I have completed #4 & #5 and need help with #6 and #7. Thank you.
The following information applies to the questions displayed below.] On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances Credit Accounts Cash Accounts Recelvable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retalned Earnings Debit $25,100 14,200 $ 2,000 3,100 26,000 77,600 9,000 02,000 33,000 Totals $146,000 146,000 During January 2018, the following transactions occur: January 2 Provide services to customers for cash, $41,100. January 6 Provide services to customers on account, $78,400 January 15 Write off accounts receivable as uncollectible, $1,600 January 20 Pay cash for salaries, $32,000 January 22 Receive cash on accounts receivable, $76,000 January 25 Pay cash on accounts payable, $6,100 January 30 Pay cash for utilities during January, $14,300 Required information 6.00 points a. The company estimates future uncollectible accounts. The company determines $5.600 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 b. Supplies at the end of January total $1,000 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 $34,100. 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit January 31 Bad debt expense 2,000 Allowance for uncollectible accounts 2,000 January 31 Supplies expense 2,100 Supplies 2,100 January 31 Intersceivable 130 Interest revenue 130 January 31 Salaries expense 34,100 Salaries payable 34,100 7. 5.00 points 4. Prepare an income statement for the period ended January 31, 2018. 3D FAMILY FIREWORKS Income Statement For the year ended January 31, 2018 Revenues Total revenues Expenses Total expenses
