Started S HW Seved Help On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 24,900 14,100 $ 1,800 Accounta Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (68, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,000 25,000 77,500 8,800 101,000 32,900 $144,500 $144,500 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $40,100. January 6 Provide services to customers on account, $77,400. January 15 Write oft accounts receivable as uncollectible, $1,400. January 20 Pay cash for salaries, $31,900. January 22 Receive cash on accounts receivable, $75,000. January 25 Pay cash on accounts payable, $6,000. January 30 Pay cash for utilities during January, $14,200. The following information is available on January 31, 2021. a. At the end of January, $5,500 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected, or the remaining accounts receivable, the company estimates that 5% will not be collected. The note receivable of $25,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. b. Supplies at the end of January total $950. 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 $34,000. Prey 13 of 23 Next > Started S HW Seved Help On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 24,900 14,100 $ 1,800 Accounta Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (68, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,000 25,000 77,500 8,800 101,000 32,900 $144,500 $144,500 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $40,100. January 6 Provide services to customers on account, $77,400. January 15 Write oft accounts receivable as uncollectible, $1,400. January 20 Pay cash for salaries, $31,900. January 22 Receive cash on accounts receivable, $75,000. January 25 Pay cash on accounts payable, $6,000. January 30 Pay cash for utilities during January, $14,200. The following information is available on January 31, 2021. a. At the end of January, $5,500 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected, or the remaining accounts receivable, the company estimates that 5% will not be collected. The note receivable of $25,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. b. Supplies at the end of January total $950. 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 $34,000. Prey 13 of 23 Next >
