Required information Exercise 5-21 (Algo) Complete the accounting cycle using receivable transactions (LO5-1, 5-4, 5-5, 5-7, 5-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $27,300 Accounts Receivable 15,300 Allowance for Uncollectible Accounts $1,600 Supplies 4,200 Notes Receivable (6%, due in 2 years) 21,000 Land 80,600 Accounts Payable 11,700 Common Stock 101,000 Retained Earnings 34,100 Totals $148,400 $148,400 During January 2024, the following transactions occur: January 2 January 6 January 15 Provide services to customers for cash, $52,100. Provide services to customers on account, $89,400. January 20 January 22 Write off accounts receivable as uncollectible, $3,900. (Assume the company uses the allowance method) Pay cash for salaries, $33,100. Receive cash on accounts receivable, $87,000. January 25 January 30 Pay cash for utilities during January, $15,400. Pay cash on accounts payable, $7,200. Exercise 5-21 (Algo) Part 2 2. Record adjusting entries on January 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) a. The company estimates future uncollectible accounts. The company determines $4,600 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. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $4,600 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 $35,200. View transaction list Journal entry worksheet 1 2 3 4 The company estimates future uncollectible accounts. The company determines $4,600 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 Note: Enter debits before credits. Date January 31 General Journal Debit Credit > Journal entry worksheet 1 2 3 4 Supplies at the end of January total $800. Record the adjusting entry for supplies. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. Record the adjusting entry for interest. Note: Enter debits before credits. Date January 31 General Journal Debit Credit > View general journal Record entry Clear entry Journal entry worksheet > 1 2 3 4 Unpaid salaries at the end of January are $35,200. Record the adjusting entry for salaries. Note: Enter debits before credits. Date January 31 General Journal Debit Credit View general journal Record entry Clear entry