Exercise 7-37 (Algo) General Ledger Exercise [LO7-5, 7-6, 7-7, 7-9] On January 1, 2024, the general...
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Exercise 7-37 (Algo) General Ledger Exercise [LO7-5, 7-6, 7-7, 7-9] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $ 27,400 15,700 Credit Allowance for Uncollectible Accounts $ 1,900 Supplies 3,400 Notes Receivable (6%, due in 2 years) 27,200 Land 57,700 Accounts Payable 5,700 Common Stock 75,800 Retained Earnings Totals 48,000 $ 131,400 $ 131,400 es During January 2024, the following transactions occur: 1. January 2 Provide services to customers for cash, $29,800. 2. January 6 3. January 15 4. January 20 5. January 22 Provide services to customers on account, $87,300. Write off accounts receivable as uncollectible, $1,200. Pay cash for salaries, $37,400. Receive cash on accounts receivable, $83,300. 6. January 25 Pay cash on accounts payable, $4,410. 7. January 30 Pay cash for utilities during January, $11,100. The following information is available on January 31, 2024. 8. At the end of January, $4,000 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The note receivable of $27,200 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. 9. Supplies at the end of January total $660. 10. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. 11. Unpaid salaries at the end of January are $28,800. Exercise 7-37 (Algo) General Ledger Exercise [LO7-5, 7-6, 7-7, 7-9] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $ 27,400 15,700 Credit Allowance for Uncollectible Accounts $ 1,900 Supplies 3,400 Notes Receivable (6%, due in 2 years) 27,200 Land 57,700 Accounts Payable 5,700 Common Stock 75,800 Retained Earnings Totals 48,000 $ 131,400 $ 131,400 es During January 2024, the following transactions occur: 1. January 2 Provide services to customers for cash, $29,800. 2. January 6 3. January 15 4. January 20 5. January 22 Provide services to customers on account, $87,300. Write off accounts receivable as uncollectible, $1,200. Pay cash for salaries, $37,400. Receive cash on accounts receivable, $83,300. 6. January 25 Pay cash on accounts payable, $4,410. 7. January 30 Pay cash for utilities during January, $11,100. The following information is available on January 31, 2024. 8. At the end of January, $4,000 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The note receivable of $27,200 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. 9. Supplies at the end of January total $660. 10. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. 11. Unpaid salaries at the end of January are $28,800.
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