Exercise $5-22($Algo$)$ Complete the accounting cycle using receivable transactions $($LO$51,52,54,55,57)($GL$)$

The general ledger of Pop's Fireworks includes the following account balances on December $31,2024$:

Accounts Debit Credit

Cash $$24,800$

Accounts Receivable $50,500$

Allowance for Uncollectible Accounts $$5,800$

Supplies $12,100$

Notes Receivable $(8\%,$ due in $2$ years$)46,000$

Land $103,000$

Accounts Payable $15,900$

Common Stock $178,000$

Retained Earnings $31,700$

Service Revenue $128,400$

Salaries Expense $72,700$

Utilities Expense $29,600$

Supplies Expense $21,100$

Totals $$359,800$ $$359,800$

In addition, the following transactions occurred during $2024$ and are not yet reflected in the account balances above:

$1.$ Provided additional services on account for $$25,000.$ All services on account include terms $2/10,$ n$/30.$

$2.$ Received cash from customers within $10$ days of the services being provided on account. The customers were originally charged $$14,000.$

$3.$ Wrote customer accounts of $$8,700$ as uncollectible.

The following information is available on December $31.$

Estimate that $10\%$ of the balance of accounts receivable $($after the additional transactions$)$ will not be collected. $($Hint: Use the updated December $31$ accounts receivable balance to determine the total estimate of uncollectible accounts.$)$

Accrue interest on the note receivable of $$46,000,$ which was accepted on October $1,2024.$ Interest is due each September $30.$