Required information Exercise 5-21 (Algo) Complete the accounting cycle using receivable transactions (LO5-1, 5-4, 5- 5,5-7,5-8)...
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Required information Exercise 5-21 (Algo) Complete the accounting cycle using receivable transactions (LO5-1, 5-4, 5- 5,5-7,5-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $25,500 14,400 Credit Allowance for Uncollectible Accounts $1,600 Supplies 3,300 Notes Receivable (6%, due in 2 years) 28,000 Land 77,800 Accounts Payable Common Stock 10,200 104,000 Retained Earnings 33,200 Totals $149,000 $149,000 During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $43,100. January 6 January 15 January 20 January 22 January 25 January 30 Provide services to customers on account, $80,400. Write off accounts receivable as uncollectible, $2,000. (Assume the company uses the allowance method) Pay cash for salaries, $32,200. Receive cash on accounts receivable, $78,000. Pay cash on accounts payable, $6,300. Pay cash for utilities during January, $14,500. Exercise 5-21 (Algo) Part 2 2. Record adjusting entries on January 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) a. The company estimates future uncollectible accounts. The company determines $5,800 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $5,800 past due and the remaining amount not past due.) b. Supplies at the end of January total $650. All other supplies have been used. c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. d. Unpaid salaries at the end of January are $34,300. View transaction list Journal entry worksheet 2 3 4 The company estimates future uncollectible accounts. The company. determines $5,800 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts > Required information Exercise 5-21 (Algo) Complete the accounting cycle using receivable transactions (LO5-1, 5-4, 5- 5,5-7,5-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $25,500 14,400 Credit Allowance for Uncollectible Accounts $1,600 Supplies 3,300 Notes Receivable (6%, due in 2 years) 28,000 Land 77,800 Accounts Payable Common Stock 10,200 104,000 Retained Earnings 33,200 Totals $149,000 $149,000 During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $43,100. January 6 January 15 January 20 January 22 January 25 January 30 Provide services to customers on account, $80,400. Write off accounts receivable as uncollectible, $2,000. (Assume the company uses the allowance method) Pay cash for salaries, $32,200. Receive cash on accounts receivable, $78,000. Pay cash on accounts payable, $6,300. Pay cash for utilities during January, $14,500. Exercise 5-21 (Algo) Part 2 2. Record adjusting entries on January 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) a. The company estimates future uncollectible accounts. The company determines $5,800 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $5,800 past due and the remaining amount not past due.) b. Supplies at the end of January total $650. All other supplies have been used. c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. d. Unpaid salaries at the end of January are $34,300. View transaction list Journal entry worksheet 2 3 4 The company estimates future uncollectible accounts. The company. determines $5,800 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts >
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