[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 27,500 15,400 $ 1,650 Supplies Notes Receivable (6%, due in 2 years) 4,300 22,000 80,700 Land Accounts Payable Common Stock 12,050 102,000 34, 200 Retained Earnings Totals $149,900 $149,900 During January Year 1, the following transactions occur: January 2 Provide services to customers for cash, $53,10e. January 6 Provide services to customers on account, $90,400. January 15 Write off accounts receivable as uncollectible, $4,100. January 20 Pay cash for salaries, $33,200. January 22 Receive cash on accounts receivable, $88,000. January 25 Pay cash on accounts payable, $7,300. January 30 Pay cash for utilities during January, $15, 500.
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 27,500 15,400 $ 1,650 Supplies Notes Receivable (6%, due in 2 years) 4,300 22,000 80,700 Land Accounts Payable Common Stock 12,050 102,000 34, 200 Retained Earnings Totals $149,900 $149,900 During January Year 1, the following transactions occur: January 2 Provide services to customers for cash, $53,10e. January 6 Provide services to customers on account, $90,400. January 15 Write off accounts receivable as uncollectible, $4,100. January 20 Pay cash for salaries, $33,200. January 22 Receive cash on accounts receivable, $88,000. January 25 Pay cash on accounts payable, $7,300. January 30 Pay cash for utilities during January, $15, 500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
On January 1, Year 1, the general ledger of a company includes the following account balances:
Debit
$ 27,500
15,400
Accounts
Credit
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 1,650
Supplies
Notes Receivable (6%, due in 2 years)
4,300
22,000
80,700
Land
Accounts Payable
12,050
102,000
34, 200
Common Stock
Retained Earnings
Totals
$149,900
$149,900
During January Year 1, the following transactions occur:
January 2 Provide services to customers for cash, $53,100.
January 6 Provide services to customers on account, $90,400.
January 15 Write off accounts receivable as uncollectible, $4,100.
January 20 Pay cash for salaries, $33,200.
January 22 Receive cash on accounts receivable, $88,000.
January 25 Pay cash on accounts payable, $7,300.
January 30 Pay cash for utilities during January, $15,500.
6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first
account field.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84b84053-76e1-48f5-9790-4a4619439ede%2F03ba361b-93b5-450b-a092-4e2c2a8ca476%2Ft6omz9_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
On January 1, Year 1, the general ledger of a company includes the following account balances:
Debit
$ 27,500
15,400
Accounts
Credit
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 1,650
Supplies
Notes Receivable (6%, due in 2 years)
4,300
22,000
80,700
Land
Accounts Payable
12,050
102,000
34, 200
Common Stock
Retained Earnings
Totals
$149,900
$149,900
During January Year 1, the following transactions occur:
January 2 Provide services to customers for cash, $53,100.
January 6 Provide services to customers on account, $90,400.
January 15 Write off accounts receivable as uncollectible, $4,100.
January 20 Pay cash for salaries, $33,200.
January 22 Receive cash on accounts receivable, $88,000.
January 25 Pay cash on accounts payable, $7,300.
January 30 Pay cash for utilities during January, $15,500.
6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first
account field.)
Transcribed Image Text:6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first
account field.)
......
View transaction list
View journal entry worksheet
No
Date
General Journal
Debit
Credit
1
January 31
Service Revenue
143,500
Interest Revenue
110
2
January 31
Bad Debt Expense
22,790
Utilities Expense
15,500
Bad Debt Expense
3,840
Supplies Expense
3,450
7. Analyze how well a company manages its receivables:
a-1. Calculate the receivables turnover ratio for the month of January (Hint: For the numerator, use total services provided to customers
on account). (Round your final answer to 1 decimal place.)
The receivables turnover ratio is
b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. (Round your final
answer to 1 decimal place.)
Allowance for Uncollectible Accounts ratio
%
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