On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances:AccountsCreditCashAccounts ReceivableAllowance for Uncollectible AccountsSuppliesNotes Receivable (6%, due in 2 years)LandAccounts PayableCommon StockRetained EarningsTotalsDebit$26, 10014,7003,60015,00080,000$139,400$1,400January 20Pay cash for salaries, $32,500.January 22Receive cash on accounts receivable, $81,000.January 25 Pay cash on accounts payable, $6,600.January 38 Pay cash for utilities during January, $14,800.9,50095,00033,500$139,400During January 2024, the following transactions occur:January 2 Provide services to customers for cash, $46,100.January 6 Provide services to customers on account, $83,400.January 15 Write off accounts receivable as uncollectible, $2,500. (Assume the company uses the allowancemethod)Exercise 5-21 (Algo) Part 22. Record adjusting entries on January 31. (If no entry is required for a particular transaction/event, select "No Journal EntryRequired" in the first account field.)a. The company estimates future uncollectible accounts. The company determines $4,000 of accounts receivable on January 31 arepast due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not pastdue, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated inthe general ledger to split total accounts receivable into the $4,000 past due and the remaining amount not past due.)b. Supplies at the end of January total $800. All other supplies have been used.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 $34,600.

Journalizing -Journalizing is the process of precisely recording business transactions in the…

Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit $26,100 14,700 Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals January 6 January 15 20 During January 2024, the following transactions occur. January 2 Provide services to customers for cash, $46,100. Provide services to customers on account, $83,400. 3,600 15,000 80,000 $139,400 32 500 $1,400 9,500 95,000 33,500 $139,400 Write off accounts receivable as uncollectible, $2,500. (Assume the company uses the allowanc method) Bac

Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit $26,100 14,700 Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals January 6 January 15 20 During January 2024, the following transactions occur. January 2 Provide services to customers for cash, $46,100. Provide services to customers on account, $83,400. 3,600 15,000 80,000 $139,400 32 500 $1,400 9,500 95,000 33,500 $139,400 Write off accounts receivable as uncollectible, $2,500. (Assume the company uses the allowanc method) Bac

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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