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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
![5 of 7
ook
int
ences
Required information
Exercise 5-22 (Algo) Complete the accounting cycle using
receivable transactions (LO5-1, 5-2, 5-4, 5-5, 5-7)
[The following information applies to the questions displayed below.]
The general ledger of Pop's Fireworks includes the following account
balances in 2024:
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Supplies
Notes Receivable (8%, due in 2 years)
Land
Accounts Payable
Common Stock
Retained Earnings
Service Revenue
Salaries Expense
Utilities Expense
Supplies Expense
Totals
Debit
$23,200
46,500
June 3
9,700
30,000
95,000
June 8
71,900
27,200
18,700
$322,200
Credit
$4,200
14,300
146,000
30,900
126,800
In addition, the following transactions occurred during 2024 and are not
yet reflected in the account balances above:
Provide additional services on account for $17,000.
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 $10,000.
November 15 Write off customer accounts of $2,500 as
uncollectible.
$322,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faed3de54-433a-4da2-b51c-03cbeee1d515%2F46eaa8c4-d138-41bb-9571-4e76c52556db%2Fhazgpzm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5 of 7
ook
int
ences
Required information
Exercise 5-22 (Algo) Complete the accounting cycle using
receivable transactions (LO5-1, 5-2, 5-4, 5-5, 5-7)
[The following information applies to the questions displayed below.]
The general ledger of Pop's Fireworks includes the following account
balances in 2024:
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Supplies
Notes Receivable (8%, due in 2 years)
Land
Accounts Payable
Common Stock
Retained Earnings
Service Revenue
Salaries Expense
Utilities Expense
Supplies Expense
Totals
Debit
$23,200
46,500
June 3
9,700
30,000
95,000
June 8
71,900
27,200
18,700
$322,200
Credit
$4,200
14,300
146,000
30,900
126,800
In addition, the following transactions occurred during 2024 and are not
yet reflected in the account balances above:
Provide additional services on account for $17,000.
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 $10,000.
November 15 Write off customer accounts of $2,500 as
uncollectible.
$322,200
Transcribed Image Text:Required information
5. Prepare a classified balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated with
sign.)
Assets
Total Current Assets
Total Assets
POP'S FIREWORKS
Balance Sheet
December 31, 2024
Total Current Liabilities
Liabilities
Stockholder's Equity
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
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