On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts
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On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts | Debit | Credit | |||||
Cash | $ | 23,900 | |||||
Accounts Receivable | 13,600 | ||||||
Allowance for Uncollectible Accounts | $ | 1,400 | |||||
Supplies | 2,500 | ||||||
Notes Receivable (6%, due in 2 years) | 20,000 | ||||||
Land | 77,000 | ||||||
Accounts Payable | 7,200 | ||||||
Common Stock | 96,000 | ||||||
Retained Earnings | 32,400 | ||||||
Totals | $ | 137,000 | $ | 137,000 | |||
During January 2021, the following transactions occur:
January | 2 | Provide services to customers for cash, $35,100. | ||
January | 6 | Provide services to customers on account, $72,400. | ||
January | 15 | Write off accounts receivable as uncollectible, $1,000. | ||
January | 20 | Pay cash for salaries, $31,400. | ||
January | 22 | Receive cash on accounts receivable, $70,000. | ||
January | 25 | Pay cash on accounts payable, $5,500. | ||
January | 30 | Pay cash for utilities during January, $13,700. |
6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Record the closing entry for revenue.
Note: Enter debits before credits.
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Record the closing entry for expenses.
Note: Enter debits before credits.
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Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
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