Required information [The following information applies to the questions displayed below.] The general ledger of Pop's Fireworks includes the following account balances on December 31, 2024: Accounts Cash Debit Credit $21,200 Accounts Receivable 41,500 Allowance for Uncollectible Accounts $2,200 Supplies 6,700 Notes Receivable (8%, due in 2 years) 10,000 Land 85,000 Accounts Payable 12,300 Common Stock 106,000 Retained Earnings 29,900 124,800 70,900 24,200 15,700 $275,200 $275,200 Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: 1. Provided additional services on account for $7,000. All services on account include terms 2/10, n/30. 2. Received cash from customers within 10 days of the services being provided on account. The customers were originally charged $5,000. 3. Wrote off customer accounts of $1,500 as uncollectible.

Required information [The following information applies to the questions displayed below.] The general ledger of Pop's Fireworks includes the following account balances on December 31, 2024: Accounts Cash Debit Credit $21,200 Accounts Receivable 41,500 Allowance for Uncollectible Accounts $2,200 Supplies 6,700 Notes Receivable (8%, due in 2 years) 10,000 Land 85,000 Accounts Payable 12,300 Common Stock 106,000 Retained Earnings 29,900 124,800 70,900 24,200 15,700 $275,200 $275,200 Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: 1. Provided additional services on account for $7,000. All services on account include terms 2/10, n/30. 2. Received cash from customers within 10 days of the services being provided on account. The customers were originally charged $5,000. 3. Wrote off customer accounts of $1,500 as uncollectible.

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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