0 Required information The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 23,900 13,600 $ 1,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,500 20,000 77,000 7,200 96,000 32,400 $137,000 $137,000 $ During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $35, 100. January 6 Provide services to customers on account, $72,400. January 15 Write off accounts receivable as uncollectible, $1,000. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $70,000. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. a. The company estimates future uncollectible accounts. The company determines $5,000 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.) b. Supplies at the end of January total $700. 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 $33,500. 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet The company estimates future uncollectible accounts. The company determines $5,000 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 Note: Enter debits before credits. General Journal Debit Credit Date January 31 Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 23,900 13,600 $ 1,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,500 20,000 77,000 7,200 96,000 32,400 $137,000 $137,000 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $35,100. January 6 Provide services to customers on account, $72,400. January 15 Write off accounts receivable as uncollectible, $1,000. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $70,000. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. 3. Prepare an adjusted trial balance as of January 31, 2021. 3D FAMILY FIREWORKS Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Totals S 0 $ 0 Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 23,900 13,600 $ 1,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,500 20,000 77,000 7,200 96,000 32,400 $137,000 $137,000 During January 2021, the following transactions occur: January January 2 Provide services to customers for cash, $35, 100. 6 Provide services to customers on account, $72,400. January 15 Write off accounts receivable as uncollectible, $1,000. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $70,000. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. 4. Prepare an income statement for the period ended January 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) 3D FAMILY FIREWORKS Income Statement For the year ended January 31, 2021 Revenues $ 0 Total Revenues Expenses: Total Expenses 0 Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 23,900 13,600 $ 1,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,500 20,000 77,000 7,200 96,000 32,400 $137,000 $137,000 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $35,100. January 6 Provide services to customers on account, $72,400. January 15 Write off accounts receivable as uncollectible, $1,000. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $70,000. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. 5. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated with minus sign.) Assets Answer is not complete. 3D Family Fireworks Balance Sheet January 31, 2021 Liabilities Current Liabilities: 78.400 Accounts Payable 15,000 400 X ( (2,500) X Total Current Liabilities $ $ $ Current Assets Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies 1,700 1,700 91,300 1,700 Total Current Assets Long-term assets: Notes Receivable Total Liabilities Stockholders' Equity Common Stock Retained Earnings 20.000 77,000 oo 96.000 94.800 X Land Total Stockholders' Equity Total Liabilities & Stockholders' Equity 190,800 192,500 Total Assets $ 188,300 $ Required information (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 23,900 13,600 $ 1,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,500 20,000 77,000 7,200 96,000 32,400 $ 137,000 $137,000 During January 2021, the following transactions occur. January 2 Provide services to customers for cash, $35,100. January 6 Provide services to customers on account, $72,400. January 15 Write off accounts receivable as uncollectible, $1,000. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $70,000. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021 Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit $ 23,900 13,600 $ 1,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,500 20,000 77,000 7,200 96,000 32,400 $137,000 $137,000 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $35,100. January 6 Provide services to customers on account, $72,400. January 15 Write off accounts receivable as uncollectible, $1,000. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $70,000. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. 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.) Answer is complete but not entirely correct. The receivables turnover ratio is 5.2% a-2. If the industry average of the receivables turnover ratios for the month of January is 4.2 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? More Less b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January Answer is complete but not entirely correct. Allowance for Uncollectible Accounts ratio 18 % Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 23,900 13,600 $ 1,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,500 20,000 77,080 7,200 96,000 32,400 $137,000 $137,000 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $35,100. January 6 Provide services to customers on account, $72,400. January 15 Write off accounts receivable as uncollectible, $1,000. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $78,880. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the providing of services to customers for cash, $35,100. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Record entry Clear entry View general journal