Business, 25.03.2021 18:30, AdoNice

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.

The following information is available on January 31, 2021.

The company estimates future uncollectible accounts. The company determines $4,300 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.)
Supplies at the end of January total $950.

Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
Unpaid salaries at the end of January are $34,900.

Required:
Prepare the journal entries for transactions.

Answers: 2

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