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: During January 2024 , the following transactions occur: January 2 Provide services to customers for cash, $55,100. January 6 Provide services to customers on account, $92,400. January 15 Write off accounts receivable as uncollectible, $4,500. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $33,400. January 22 Receive cash on accounts receivable, $90,000. January 25 Pay cash on accounts payable, $7,500. January 30 Pay cash for utilities during January, $15,700. lequired: Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry lequired" in the first account field.) Journal entry worksheet 234567 Provide services to customers for cash, $55,100. Note: Enter debits before credits. 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 $4,900 of accounts receivable on January 31 ar past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not p due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated the general ledger to split total accounts receivable into the $4,900 past due and the remaining amount not past due.) b. Supplies at the end of January total $950. 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 $35,500. 3. Prepare an adjusted trial balance as of January 31,2024 , after updating beginning balances (above) for transactions during January (requirement 1 ) and adjusting entries at the end of January (requirement 2). 4. Prepare an income statement for the period ended January 31, 2024. 5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) . Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first ccount field.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. 7. Analyze how well 3D Family Fireworks manages its receivables: a-1. Calculate the receivables turnover ratio for the month of January. (Hint: For the numerator, use total services provided to customers on account.) (Round your final answer to 1 decimal place.) a-2. If the industry average of the receivables turnover ratios for the month of January is 5.5 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. (Round percentage to 1 decimal place.) b-2. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales