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Exercise 5-21 Complete the accounting cycle using receivable transactions (LO5-1, 5-4, 5-5, 5-7, 5-8)

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On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	26,700
Accounts Receivable		15,000
Allowance for Uncollectible Accounts					$	3,600
Supplies		3,900
Notes Receivable (6%, due in 2 years)		18,000
Land		80,300
Accounts Payable						8,500
Common Stock						98,000
Retained Earnings						33,800
Totals	$	143,900			$	143,900

During January 2021, the following transactions occur:

January		2		Provide services to customers for cash, $49,100.
January		6		Provide services to customers on account, $86,400.
January		15		Write off accounts receivable as uncollectible, $3,300.
January		20		Pay cash for salaries, $32,800.
January		22		Receive cash on accounts receivable, $84,000.
January		25		Pay cash on accounts payable, $6,900.
January		30		Pay cash for utilities during January, $15,100.

rev: 10_04_2016_QC_CS-64217, 10_02_2018_QC_CS-141245

Exercise 5-21 Part 3

3. Prepare an adjusted trial balance as of January 31, 2021.

3D FAMILY FIREWORKS
Adjusted Trial Balance
January 31, 2021
Accounts	Debit	Credit
Cash	$105,000
Service Revenue
Accounts Receivable
Accounts Payable
Allowance for Uncollectible Accounts
Retained Earnings
Salaries Expense
Salaries Payable
Totals	$105,000	$0