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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

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

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
Problem 3AP
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Book Print 0 erences Mc 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
Transcribed Image Text:Book Print 0 erences Mc 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
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