[The following information applies to the questions displayed below.] On January 1, 2024, the general ledger...
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[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: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals During January 2024, the following transactions occur. January 2 January 6 January 15 January 20 Debit $25,700 14,500 January 22 January 25 Pay cash on accounts payable, $6,400. January 30 Pay cash for utilities during January, $14,600. 3,400 29,000 77,900 $150,500 Credit $1,700 10,500 105,000 33,300 $150,500 4 Provide services to customers for cash, $44,100. Provide services to customers on account, $81,400. Write off accounts receivable as uncollectible, $2,200. (Assume the company uses the allowance method) Pay cash for salaries, $32,300. Receive cash on accounts receivable, $79,000. 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 $5,900 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $5,900 past due and the remaining amount not past due.) b. Supplies at the end of January total $700. 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 $34,400. [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: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals During January 2024, the following transactions occur. January 2 January 6 January 15 January 20 Debit $25,700 14,500 January 22 January 25 Pay cash on accounts payable, $6,400. January 30 Pay cash for utilities during January, $14,600. 3,400 29,000 77,900 $150,500 Credit $1,700 10,500 105,000 33,300 $150,500 4 Provide services to customers for cash, $44,100. Provide services to customers on account, $81,400. Write off accounts receivable as uncollectible, $2,200. (Assume the company uses the allowance method) Pay cash for salaries, $32,300. Receive cash on accounts receivable, $79,000. 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 $5,900 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $5,900 past due and the remaining amount not past due.) b. Supplies at the end of January total $700. 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 $34,400.
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Related Book For
Financial Accounting
ISBN: 978-1259307959
4th edition
Authors: David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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