The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Debit Credit Cash
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Question:
The general ledger of Pop\'s Fireworks includes the following account balances in 2024:
| Accounts | Debit | Credit |
|---|---|---|
| Cash | $21,200 | |
| Accounts Receivable | 41,500 | |
| Allowance for Uncollectible Accounts | $2,200 | |
| Supplies | 6,700 | |
| Notes Receivable (8%, due in 2 years) | 10,000 | |
| Land | 85,000 | |
| Accounts Payable | 12,300 | |
| Common Stock | 106,000 | |
| Retained Earnings | 29,900 | |
| Service Revenue | 124,800 | |
| Salaries Expense | 70,900 | |
| Utilities Expense | 24,200 | |
| Supplies Expense | 15,700 | |
| Totals | $275,200 | $275,200 |
In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above:
| June 3 | Provide additional services on account for $7,000. All services on account include terms 2/10, n/30. |
|---|---|
| June 8 | Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $5,000. |
| November 15 | Write off customer accounts of $1,500 as uncollectible. |
The following information is available on December 31.
- Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to determine the total
- estimate of uncollectible accounts.)
- Accrue interest on the note receivable of $10,000, which was accepted on October 1, 2024. Interest is due each September 30.
I NEED JOURNAL ENTRIES, INCOME STATEMENT AND BALANCE SHEET
Expert Answer:
To provide the journal entries income statement and balance sheet I will incorporate the additional transactions into the existing account balances He... View the full answer
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