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Exercise $5-21($Algo$)$ Complete the accounting cycle using receivable transactions $($LO$5-1,5-4,5-5,5-7,5-8)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ the general ledger of $3$D Family Fireworks includes the following account balances:

During January $2024,$ the following transactions occur:

January $2$ Provide services to customers for cash, $\backslash (\backslash$$ $49,100\backslash ).$

January $6$ Provide services to customers on account, $\backslash$$$86,400.$

January $15$ Write off accounts receivable as uncollectible, $\backslash (\backslash$$ $3,300\backslash ).($Assume the company uses the allowance method$)$

January $20$ Pay cash for salaries, $\backslash (\backslash$$ $32,800\backslash ).$

January $22$ Receive cash on accounts receivable, $\backslash$$$84,000.$

January $25$ Pay cash on accounts payable, $\backslash (\backslash$$ $6,900\backslash ).$

January $30$ Pay cash for utilities during January, $\backslash (\backslash$$ $15,100\backslash ).$

Exercise $5-21($Algo$)$ Part $44.$ Prepare an income statement for the period ended January $31,2024.$

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|\}$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$c$|\}\{3$D FAMILY FIREWORKS$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$c$|\}\{$Income Statement$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$c$|\}\{$For the month ended January $31,2024\}\backslash \backslash$

$\backslash$hline Revenues: & $\backslash \backslash$

$\backslash$hline Service Revenue & $\backslash$$ $135,500\backslash \backslash$

$\backslash$hline & $\backslash \backslash$

$\backslash$hline & $\backslash \backslash$

$\backslash$hline Total Revenues & $\backslash$$ $135,500\backslash \backslash$

$\backslash$hline Expenses: & $\backslash \backslash$

$\backslash$hline Salaries Expense & $32,800\backslash \backslash$

$\backslash$hline Utilities Expense & $15,100\backslash \backslash$

$\backslash$hline & $\backslash \backslash$

$\backslash$hline & $\backslash \backslash$

$\backslash$hline & $\backslash (\backslash$square $\backslash )\backslash \backslash$

$\backslash$hline & $\backslash \backslash$

$\backslash$hline Total Expenses & $47,900\backslash \backslash$

$\backslash$hline Net Income & $\backslash$$ $87,600\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$