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Required information [The following information applies to the questions displayed below.) On January 1, Year 1, the general ledger of a company includes the following
Required information [The following information applies to the questions displayed below.) On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 27,500 Accounts Receivable 15,400 Allowance for Undollectible Accounts $1,650 Supplies 4,300 Notes Receivable (61, due in 2 years) 22,000 Land 00, 700 Accounts Payable 12,050 Common Stock 102,000 Retained Barnings 34,200 Totals $149,900 $149,900 During January Year 1, the following transactions occur: January 2 Provide services to customers for cash, $53,100. January 6 Provide services to customers on account, 590, 400, January 15 Write of accounts receivable as uncollectible: $4,100. January 20 Pay cash for salaries, $33,200. January 22 Receive cash on accounts receivable. 583,000. January 25 Pay cash on accounts payable, 57,300. January 30 Pay cash for utilities during January, $15,500. I 5. Prepare a classified balance sheet as of January 31, Year 1. (Deductible amount should be indicated with by a minus sign.) Balance Sheet January 31, Year 1 Assets Liabilities Current Assets Cast Accounts Receivable Current Liabilities Accounts Payable Salaries Payable 5. Prepare a classified balance sheet as of January 31, Year 1. (Deductible amount should be indicated with by a minus slgn.) Balance Sheet January 31, Year 1 Assets Liabilities Current Assets Cash Accounts Receivable Supplies Interest Receivable Current Liables Accounts Payable Salaries Payable Total Current Liabilities 0 Total Current Assets Long-term assets Notes Receivable Land 0 Total Liabilities Stockholders' Equ Retained Earning Total Stockholders' Equity O Total Liabilities & Stockholders Equity 0 0 Total Assets S
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