urnal entry worksheet 1 2 3 4 5 6 7 8 eceive cash on accounts receivable, $22,300. :Enter debits before credits. Date General Journal Debit Credit nuary 15 Record entry Clear entry View general journal
urnal entry worksheet 1 2 3 4 5 6 7 8 eceive cash on accounts receivable, $22,300. :Enter debits before credits. Date General Journal Debit Credit nuary 15 Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:
Accounts
Debit
Credit
$ 59,000
25,600
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 2,500
Inventory
Notes Receivable (5%, due in 2 years)
36,600
15,600
Land
158,000
Accounts Payable
15,100
Common Stock
223,000
Retained Earnings
54,200
Totals
$294,800
$294,800
During January 2021, the following transactions occur:
January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life.
January 4 Pay cash on accounts payable, $9,800.
January 8 Purchase additional inventory on account, $85,900.
January 15 Receive cash on accounts receivable, $22,300.
January 19 Pay cash for salaries, $30,100.
January 28 Pay cash for January utilities, $16,800.
January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.
Information for adjusting entries:
a. Depreciation on the equipment for the month of January is calculated using the straight-line method.
b. The company estimates future uncollectible accounts. The company determines $3,300 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining
accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
c. Accrued interest revenue on notes receivable for January.
d. Unpaid salaries at the end of January are $32,900.
e. Accrued income taxes at the end of January are $9,300.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d13ac93-8f46-47aa-b678-1a6ea4b98503%2F887d3885-7e30-47e1-87d6-d91287ebbc43%2F7ny5fqp_processed.png&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:
Accounts
Debit
Credit
$ 59,000
25,600
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 2,500
Inventory
Notes Receivable (5%, due in 2 years)
36,600
15,600
Land
158,000
Accounts Payable
15,100
Common Stock
223,000
Retained Earnings
54,200
Totals
$294,800
$294,800
During January 2021, the following transactions occur:
January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life.
January 4 Pay cash on accounts payable, $9,800.
January 8 Purchase additional inventory on account, $85,900.
January 15 Receive cash on accounts receivable, $22,300.
January 19 Pay cash for salaries, $30,100.
January 28 Pay cash for January utilities, $16,800.
January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.
Information for adjusting entries:
a. Depreciation on the equipment for the month of January is calculated using the straight-line method.
b. The company estimates future uncollectible accounts. The company determines $3,300 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining
accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
c. Accrued interest revenue on notes receivable for January.
d. Unpaid salaries at the end of January are $32,900.
e. Accrued income taxes at the end of January are $9,300.
![Journal entry worksheet
1
2 3
4
5 6 7 8
>
Receive cash on accounts receivable, $22,300.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 15
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d13ac93-8f46-47aa-b678-1a6ea4b98503%2F887d3885-7e30-47e1-87d6-d91287ebbc43%2F6m1zzd_processed.png&w=3840&q=75)
Transcribed Image Text:Journal entry worksheet
1
2 3
4
5 6 7 8
>
Receive cash on accounts receivable, $22,300.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 15
Record entry
Clear entry
View general journal
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