! Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $25,300 Accounts Receivable 14,300 Allowance for Uncollectible Accounts $1,600 Supplies 3,200 Notes Receivable (6%, due in 2 years) 27,000 Land 77,700 Accounts Payable 9,800 Common Stock Retained Earnings Totals During January 2024, the following transactions occur: 103,000 33,100 $147,500 $147,500 January 2 January 6 Provide services to customers for cash, $42,100. Provide services to customers on account, $79,400. January 15 January 20 January 22 Receive cash on accounts receivable, $77,000. Write off accounts receivable as uncollectible, $1,800. (Assume the company uses the allowance method) Pay cash for salaries, $32,100. January 25 Pay cash on accounts payable, $6,200. January 30 Pay cash for utilities during January, $14,400. 3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). Accounts 3D FAMILY FIREWORKS Adjusted Trial Balance January 31, 2024 Debit Credit
! Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $25,300 Accounts Receivable 14,300 Allowance for Uncollectible Accounts $1,600 Supplies 3,200 Notes Receivable (6%, due in 2 years) 27,000 Land 77,700 Accounts Payable 9,800 Common Stock Retained Earnings Totals During January 2024, the following transactions occur: 103,000 33,100 $147,500 $147,500 January 2 January 6 Provide services to customers for cash, $42,100. Provide services to customers on account, $79,400. January 15 January 20 January 22 Receive cash on accounts receivable, $77,000. Write off accounts receivable as uncollectible, $1,800. (Assume the company uses the allowance method) Pay cash for salaries, $32,100. January 25 Pay cash on accounts payable, $6,200. January 30 Pay cash for utilities during January, $14,400. 3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). Accounts 3D FAMILY FIREWORKS Adjusted Trial Balance January 31, 2024 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts
Cash
Debit
Credit
$25,300
Accounts Receivable
14,300
Allowance for Uncollectible Accounts
$1,600
Supplies
3,200
Notes Receivable (6%, due in 2 years)
27,000
Land
77,700
Accounts Payable
9,800
103,000
33,100
$147,500
$147,500
Common Stock
Retained Earnings
Totals
During January 2024, the following transactions occur:
January 2 Provide services to customers for cash, $42,100.
Write off accounts receivable as uncollectible, $1,800. (Assume the company uses the allowance method)
Pay cash for salaries, $32,100.
January 6
Provide services to customers on account, $79,400.
January 15
January 20
January 22
Receive cash on accounts receivable, $77,000.
January 25 Pay cash on accounts payable, $6,200.
January 30 Pay cash for utilities during January, $14,400.
3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January
(requirement 1) and adjusting entries at the end of January (requirement 2).
Accounts
3D FAMILY FIREWORKS
Adjusted Trial Balance
January 31, 2024
Debit
Credit
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Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts
Cash
Debit
Credit
$25,300
Accounts Receivable
14,300
Allowance for Uncollectible Accounts
$1,600
Supplies
3,200
Notes Receivable (6%, due in 2 years)
27,000
Land
77,700
Accounts Payable
9,800
103,000
33,100
$147,500
$147,500
Common Stock
Retained Earnings
Totals
During January 2024, the following transactions occur:
January 2 Provide services to customers for cash, $42,100.
Write off accounts receivable as uncollectible, $1,800. (Assume the company uses the allowance method)
Pay cash for salaries, $32,100.
January 6
Provide services to customers on account, $79,400.
January 15
January 20
January 22
Receive cash on accounts receivable, $77,000.
January 25 Pay cash on accounts payable, $6,200.
January 30 Pay cash for utilities during January, $14,400.
3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January
(requirement 1) and adjusting entries at the end of January (requirement 2).
Accounts
3D FAMILY FIREWORKS
Adjusted Trial Balance
January 31, 2024
Debit
Credit
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