202. RequirementGeneralJournalView transaction list<Journal entry worksheet1Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event,in the first account field.)2GeneralLedgerNote: Enter debits before credits.Record the entry to close the revenue accounts.DateDecember 31, 2024Record entryTrial BalanceGeneral JournalService RevenueInterest RevenueRetained EarningsIncomeStatementClear entryBalance Sheet Analysis7Debit131,800200CreditView general journal> Exercise 5-22 (Static) Complete the accounting cycle using receivable transactions (LO5–1, 5–2, 5–4, 5–5,5-7) (GL)The general ledger of Pop's Fireworks includes the following account balances in 2024:AccountsCashAccounts ReceivableAllowance for Uncollectible AccountsSuppliesNotes Receivable (8%, due in 2 years)LandAccounts PayableCommon StockRetained EarningsService RevenueSalaries ExpenseUtilities ExpenseSupplies ExpenseTotalsDebit$21,20041,5006,70010,00085,00070,90024, 20015,700$275, 200Credit$2,20012,300106,00029,900124,800$275, 200In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above:June 3June 8Provide additional services on account for $7,000. All services on account include terms 2/10, n/30.Receive cash from customers within 10 days of the services being provided on account. The customers wereoriginally charged $5,000.November 15 Write off customer accounts of $1,500 as uncollectible.The following information is available on December 31.a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint. Use theJanuary 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.)b. Accrue interest on the note receivable of $10,000, which was accepted on October 1, 2024. Interest is due each September 30.

Answered: Image /qna-images/answer/f7c18d72-9092-4050-96d1-b5d72a90eece.jpg

Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 10,000 85,000 70,900 24,200 15,700 $275,200 12,300 106,000 29,900 124,800 $275,200 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: June 3 June 8 Provide additional services on account for $7,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $5,000. November 15 Write off customer accounts of $1,500 as uncollectible. The following information is available on December 31. a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint. Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) b. Accrue interest on the note receivable of $10,000, which was accepted on October 1, 2024. Interest is due each September 30.

Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 10,000 85,000 70,900 24,200 15,700 $275,200 12,300 106,000 29,900 124,800 $275,200 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: June 3 June 8 Provide additional services on account for $7,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $5,000. November 15 Write off customer accounts of $1,500 as uncollectible. The following information is available on December 31. a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint. Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) b. Accrue interest on the note receivable of $10,000, which was accepted on October 1, 2024. Interest is due each September 30.

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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