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Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following

Required information

[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 $ 23,900
Accounts Receivable 13,600
Allowance for Uncollectible Accounts $ 1,400
Supplies 2,500
Notes Receivable (6%, due in 2 years) 20,000
Land 77,000
Accounts Payable 7,200
Common Stock 96,000
Retained Earnings 32,400
Totals $ 137,000 $ 137,000

During January 2021, the following transactions occur:

January 2 Provide services to customers for cash, $35,100.
January 6 Provide services to customers on account, $72,400.
January 15 Write off accounts receivable as uncollectible, $1,000.
January 20 Pay cash for salaries, $31,400.
January 22 Receive cash on accounts receivable, $70,000.
January 25 Pay cash on accounts payable, $5,500.
January 30 Pay cash for utilities during January, $13,700.

6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Record the closing entry for revenue.

Note: Enter debits before credits.

Date General Journal Debit Credit
January 31, 2021

Record the closing entry for expenses.

Note: Enter debits before credits.

Date General Journal Debit Credit
January 31, 2021

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