Please help me to solve this problem !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$ 27,50015,400AccountsCreditCashAccounts ReceivableAllowance for Uncollectible Accounts$ 1,650SuppliesNotes Receivable (6%, due in 2 years)4,30022,00080,700LandAccounts Payable12,050102,00034, 200Common StockRetained EarningsTotals$149,900$149,900During 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 firstaccount field.) 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the firstaccount field.)......View transaction listView journal entry worksheetNoDateGeneral JournalDebitCredit1January 31Service Revenue143,500Interest Revenue1102January 31Bad Debt Expense22,790Utilities Expense15,500Bad Debt Expense3,840Supplies Expense3,4507. 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 customerson account). (Round your final answer to 1 decimal place.)The receivables turnover ratio isb-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. (Round your finalanswer to 1 decimal place.)Allowance for Uncollectible Accounts ratio%

Closing Entries are the entries passed in the accounting books at the end of a particular year to…

[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.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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