Video walk-thru of problem format: https://vimeo.com/cdlvideo/review/312786263/a53269c829 On January 1, 2021 the general ledger of TNT Fireworks includes the following account balances debitlllll credit Cash 52,200 Accounts Receivable 26, Allowance for Uncollectible Accounts 5 2.70 Inventory 36,869 Notes Receivable (st, due in 2 years 18,00 160, Accounts Payable Common Stock 15,300 Retained Earnings $32.ee Land During January 2021, the following transactions occur { $2,000 and a four-year service life. January 1 Purchase equipment for $2e.ee. The company estimates resi January 4 Pay cash on accounts payable, $10,000. January Purchase additional inventory on account, 587,900. January 15 Receive cash on accounts receivable, $22,5eo. January 19 Pay cash for salaries, 350, 300. January 20 Pay cash for January utilities. $17, eee. January 30 Sales for January total 1225,00. All of these sales are on account the cost of the units sold is 5117, see The following information is available on January 31, 2021. a. Depreciation on the equipment for the month of January is calculated using the straight line method. b. Accrued interest revenue on notes receivable for January c. Unpaid salaries at the end of January are $33,100 d. Accrued income taxes at the end of January are $9.500. e. The company estimates the amount of their bod debt expense and uncollectible accounts at the end of each month. Out of the total accounts receivable shown on the General Ledger (See General Ledger Tab for total A/R balance) on January 31, the company determines $3,500 is past due, and 50% of these past due amounts are estimated to be uncollectible (Hint multiply the percentage by the 5 amount of the A/R that is past due). The remaining accounts receivable balance on January 31 is current total A/R minus amount that is past due), and 2% of the current balance is estimated to be uncollectible. Hint tot el Calculate the amount that is estimated to be uncollectible for the past due AR ( past due A/R balance) Calculate the amount that is estimated to be uncollectible for the current balance of A/R (% current balance of A/R) Add these two amounts together (+) and this your target balance (new ending balance) for the Allowance for Uncollectible Account Subtract the current balance in Allowance account (See General Ledger Tab for current balance) from this new target balance No calculate the amount that will be recorded into bad debt expense and the allowance account. Watch video tutorial on this subject: https://vimeo.com/cdivideo/review/25453186717c8cc2a218 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transa account field.) sannolentry is required fona transaction eventuele View transaction list Journal entry worksheet O ..... 0 0 0 0 2 15 Depreciation on the equipment for the month of January is calculated using the straight-line method. Record the adjusting entry for depreciation. Note: Enter debits before credits Debit Credit General Journal Depreciation Expense Accumulated Depreciation Record entry Clear entry View general journal Video walk-thru of problem format: https://vimeo.com/cdlvideo/review/312786263/a53269c829 On January 1, 2021 the general ledger of TNT Fireworks includes the following account balances debitlllll credit Cash 52,200 Accounts Receivable 26, Allowance for Uncollectible Accounts 5 2.70 Inventory 36,869 Notes Receivable (st, due in 2 years 18,00 160, Accounts Payable Common Stock 15,300 Retained Earnings $32.ee Land During January 2021, the following transactions occur { $2,000 and a four-year service life. January 1 Purchase equipment for $2e.ee. The company estimates resi January 4 Pay cash on accounts payable, $10,000. January Purchase additional inventory on account, 587,900. January 15 Receive cash on accounts receivable, $22,5eo. January 19 Pay cash for salaries, 350, 300. January 20 Pay cash for January utilities. $17, eee. January 30 Sales for January total 1225,00. All of these sales are on account the cost of the units sold is 5117, see The following information is available on January 31, 2021. a. Depreciation on the equipment for the month of January is calculated using the straight line method. b. Accrued interest revenue on notes receivable for January c. Unpaid salaries at the end of January are $33,100 d. Accrued income taxes at the end of January are $9.500. e. The company estimates the amount of their bod debt expense and uncollectible accounts at the end of each month. Out of the total accounts receivable shown on the General Ledger (See General Ledger Tab for total A/R balance) on January 31, the company determines $3,500 is past due, and 50% of these past due amounts are estimated to be uncollectible (Hint multiply the percentage by the 5 amount of the A/R that is past due). The remaining accounts receivable balance on January 31 is current total A/R minus amount that is past due), and 2% of the current balance is estimated to be uncollectible. Hint tot el Calculate the amount that is estimated to be uncollectible for the past due AR ( past due A/R balance) Calculate the amount that is estimated to be uncollectible for the current balance of A/R (% current balance of A/R) Add these two amounts together (+) and this your target balance (new ending balance) for the Allowance for Uncollectible Account Subtract the current balance in Allowance account (See General Ledger Tab for current balance) from this new target balance No calculate the amount that will be recorded into bad debt expense and the allowance account. Watch video tutorial on this subject: https://vimeo.com/cdivideo/review/25453186717c8cc2a218 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transa account field.) sannolentry is required fona transaction eventuele View transaction list Journal entry worksheet O ..... 0 0 0 0 2 15 Depreciation on the equipment for the month of January is calculated using the straight-line method. Record the adjusting entry for depreciation. Note: Enter debits before credits Debit Credit General Journal Depreciation Expense Accumulated Depreciation Record entry Clear entry View general journal