The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Cash Debit $24, 200 49,000 Accounts Receivable. Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years). Land 11, 200 40,000 100,000 Accounts Payable Common Stock Retained Earnings 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: June 3 June 8 72,400 28,700 The following information is available on December 31. 20, 200 $345,700 Credit November 15 Write off customer accounts of $7,500 as uncollectible. $5,200 15,300 166,000 31,400 127,800 Provide additional services on account for $22,000. 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 $12,500. $345,700 a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint. Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) b. Accrue interest on the note receivable of $40,000, which was accepted on October 1, 2024. Interest is due each September 30.
The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Cash Debit $24, 200 49,000 Accounts Receivable. Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years). Land 11, 200 40,000 100,000 Accounts Payable Common Stock Retained Earnings 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: June 3 June 8 72,400 28,700 The following information is available on December 31. 20, 200 $345,700 Credit November 15 Write off customer accounts of $7,500 as uncollectible. $5,200 15,300 166,000 31,400 127,800 Provide additional services on account for $22,000. 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 $12,500. $345,700 a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint. Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) b. Accrue interest on the note receivable of $40,000, which was accepted on October 1, 2024. Interest is due each September 30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please Introduction and explanation show work without plagiarism help me quickly please
Transcribed Image Text:Journal entry worksheet
1
2
Record the estimate of future bad debts.
Note: Enter debits before credits.
Date
Dec 31, 2021
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
Transcribed Image Text:The general ledger of Pop's Fireworks includes the following account balances in 2024:
Debit
$24, 200
49,000
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
June 3
June 8
11, 200
40,000
100,000
72,400
28,700
20, 200
$345,700
The following information is available on December 31.
Credit
November 15 Write off customer accounts of $7,500 as uncollectible.
$5,200
In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above:
15,300
166,000
31,400
127,800
$345,700
Provide additional services on account for $22,000. 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 $12,500.
a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint. Use the
January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.)
b. Accrue interest on the note receivable of $40,000, which was accepted on October 1, 2024. Interest is due each September 30.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education