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

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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prepare the balance sheet but not is image format

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On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances:
Debit
$27,700
15,500
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
January 6
January 15
January 20
January 22
Requirement
General
Journal
4,400
23,000
80,800
Provide services to customers for cash, $54,100.
Provide services to customers on account, $91,400.
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
January 25
January 30
Pay cash on accounts payable, $7,400.
Pay cash for utilities during January, $15,600.
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.
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.
Trial Balance
Credit
$1,700
12,400
103,000
34,300
$151,400 $151,400
Income
Statement
Balance Sheet
Analysis
Prepare the journal entries for transactions, (If no entry is required for a particular transaction/event, select "No Journal Entry

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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