Requlred Information {The following information applies to the questions oisplayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks Includes the following account balances: Credit Debit $ 23,900 13,699 $ 1,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (64, due in 2 years) Land Accounts Payable Comon stock Retained Earnings Totals 2,500 29,6ce 77,699 7,200 96,600 32,469 $137,cee $137,600 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, $72,480. January 15 krite 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 Pay cash for utilities during January, $13,700. a. The company estimates future uncollectible accounts. The company determines $5,000 of accounts recelvable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts recevable 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.) b. Supplies at the end of January total $700. 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 $33,500. 8. Record closing entries. I no entry by required for a particular transaction'event, select "No Journal Entry Required" In the first account the la.) View transaction list 1 Record the closing entry for revenue. 2 Record the closing entry for expenses. Credit Note : = journal entry has been entered Record entry Clear entry View general journal 7. Analyze how well 3D Family Fireworks manages its receivables: a-1. Calculate the receivables turnover ratio for the month of January (Hint: For the numerator, use total services provided to customers on account), (Round your final anawer to 1 clecimal place.) The receivables turnover ratio is a-2. If the industry average of the receivables turnover ratios for the month of January is 4.2 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry More Less b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January Allowance for Uncollectible Accounts ratio b-2. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales? Improvement Worsening Requlred Information {The following information applies to the questions oisplayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks Includes the following account balances: Credit Debit $ 23,900 13,699 $ 1,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (64, due in 2 years) Land Accounts Payable Comon stock Retained Earnings Totals 2,500 29,6ce 77,699 7,200 96,600 32,469 $137,cee $137,600 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, $72,480. January 15 krite 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 Pay cash for utilities during January, $13,700. a. The company estimates future uncollectible accounts. The company determines $5,000 of accounts recelvable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts recevable 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.) b. Supplies at the end of January total $700. 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 $33,500. 8. Record closing entries. I no entry by required for a particular transaction'event, select "No Journal Entry Required" In the first account the la.) View transaction list 1 Record the closing entry for revenue. 2 Record the closing entry for expenses. Credit Note : = journal entry has been entered Record entry Clear entry View general journal 7. Analyze how well 3D Family Fireworks manages its receivables: a-1. Calculate the receivables turnover ratio for the month of January (Hint: For the numerator, use total services provided to customers on account), (Round your final anawer to 1 clecimal place.) The receivables turnover ratio is a-2. If the industry average of the receivables turnover ratios for the month of January is 4.2 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry More Less b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January Allowance for Uncollectible Accounts ratio b-2. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales? Improvement Worsening