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Required Information {The following information applies to the questions displayed below.] The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts
Required Information {The following information applies to the questions displayed below.] The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts Debit Credit Cash $ 22,200 Accounts Receivable 44,000 Allowance for Uncollectible Accounts $ 3,200 Supplies 8, 209 Notes Receivable (8%, due in 2 years) 20, eee Land 90, een Accounts Payable 13,308 Common Stock 126, Bee Retained Earnings 30,400 Service Revenue 125,800 Salaries Expense 71,400 Utilities Expense 25,700 Supplies Expense 17,209 Totals $298,700 $298,700 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $12,898. All services on account include terms 2/10, n/30. 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $7,580. November 15 write off customer accounts of $2,920 as uncollectible. June 5. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be Indicated with a minus sign.) POP'S FIREWORKS Balance Sheet December 31, 2021 Assets Liabilities Cash $ 29,550 Accounts Payable $ 13.300 8,200 400 Supplies Add: Allowance Notes Receivable Accounts Receivable Allowance for Uncollectible Accounts Total Current Assets Land 8,600 20,000 46,500 (4,650) 100,000 Total Current Liabilities 90,000 Stockholder's Equity Common Stock Retained Earnings 13.300 126,000 50.700 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 176.700 $ 190,000 Total Assets $ 190,000 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet
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