Question
Required information Exercise 5-21 Complete the accounting cycle using receivable transactions (LO5-1, 5-4, 5-5, 5-7, 5-8) Skip to question [The following information applies to the
Required information Exercise 5-21 Complete the accounting cycle using receivable transactions (LO5-1, 5-4, 5-5, 5-7, 5-8) Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 26,700 Accounts Receivable 15,000 Allowance for Uncollectible Accounts $ 3,600 Supplies 3,900 Notes Receivable (6%, due in 2 years) 18,000 Land 80,300 Accounts Payable 8,500 Common Stock 98,000 Retained Earnings 33,800 Totals $ 143,900 $ 143,900 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $49,100. January 6 Provide services to customers on account, $86,400. January 15 Write off accounts receivable as uncollectible, $3,300. January 20 Pay cash for salaries, $32,800. January 22 Receive cash on accounts receivable, $84,000. January 25 Pay cash on accounts payable, $6,900. January 30 Pay cash for utilities during January, $15,100. rev: 10_04_2016_QC_CS-64217, 10_02_2018_QC_CS-141245 Exercise 5-21 Part 3 3. Prepare an adjusted trial balance as of January 31, 2021.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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