• The company estimates future uncollectible accounts. The company determines $5,600 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable 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.) Record the adjusting entry for uncollectible accounts.
• Supplies at the end of January total $1,000. Record the adjusting entry for supplies.
• Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. Record the adjusting entry for interest.
• Unpaid salaries at the end of January are $34,100. Record the adjusting entry for salaries.
• PREPARE A TRIAL BALANCE , INCOME STATEMENT AND BALANCE SHEET
• RECORD CLOSING ENTRY FOR REVENUE
• RECORD CLOSING ENTRY FOR EXPENSES.

Calculate the receivables turnover ratio for the month of January (Hint: For the numerator, use total services provided to customers on

a-2. If the industry average of the receivables turnover ratios for the month of January is 4.5 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. (Round your final answer to 1 decimal place.) 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?

On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 25, 100 14,200 $ 2,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,100 26,000 77,600 9,000 102,000 33,000 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $41,100. January 6 Provide services to customers on account, $78,400. January 15 Write off accounts receivable as uncollectible, $1,600. January 20 Pay cash for salaries, $32,000. January 22 Receive cash on accounts receivable, $76,000. January 25 Pay cash on accounts payable, $6,100. January 30 Pay cash for utilities during January, $14,300