ces On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals During January 2024, the following transactions occur. January 2 Provide services to customers for cash, $54,100. Provide services to customers on account, $91,400. January 6 January 15 January 20 January 22 January 25 Pay cash on accounts payable, $7,400. January 30 Pay cash for utilities during January, $15,600. Requirement Debit $27,700 15,500 General Journal 4,400 23,000 80,800 $151,400 Write off accounts receivable as uncollectible, $4,300. (Assume the company uses the allowance method) Pay cash for salaries, $33,300. Receive cash on accounts receivable, $89,000. General Ledger Trial Balance The following information is available on January 31, 2024. a. The company estimates future uncollectible accounts. The company determines $4,800 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 to split total accounts receivable into the $4,800 past due and the remaining amount not past due.) b. Supplies at the end of January total $900. All other supplies have been used $1,700 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 $35,400 12,400 103,000 34,300 $151,400 Income Statement Balance Sheet Analysis

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.