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Retu [The following information applies to the questions displayed below.) On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,500 Accounts Receivable 13,900 Allowance for Uncollectible Accounts $ 1,550 Supplies 2,800 Notes Receivable (6%, due in 2 years) 23,000 Land 77, 300 Accounts Payable Common Stock 99,000 Retained Earnings 32,700 Totals $141,500 $141,500 8,250 During January Year 1. the following transactions occur: January 2 Provide services to customers for cash, $38,100. January 6 Provide services to customers on account, $75,400. -- 21 . con Heturn to question During January Year 1, the following transactions occur January 2 Provide services to customers for cash, $38,100. January 6 Provide services to customers on account, $75,400. January 15 Write off accounts receivable as uncollectible, $1,200. January 20 Pay cash for salaries, $31,700, January 22 Receive cash on accounts receivable, $73,000 January 25 Pay cash on accounts payable, 55,800. January 30 Pay cash for utilities during January, $14, eee. a. The company estimates future uncollectible accounts. The company determines $5.300 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 recelvable balance calculated in the general ledger b. Supplies at the end of January total $850, Return to question ... muity US Wany w January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts recevable 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 $850. 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 $33,800. 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.) Answer is not complete. No Date Debit Credit 1 January 31 General Journal Bad Debt Expense Allowance for Uncollectible Accounts NO Date Debit Credit 1 January 31 General Journal Bad Debt Expense Allowance for Uncollectible Accounts 2 January 31 Supplies Expense Supplies 3 January 31 Interest Receivable Interest Revenue 4 January 31 Salaries Expense DO 33 800 C On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,500 Accounts Receivable 13,900 Allowance for Uncollectible Accounts $ 1,55 Supplies 2,800 Notes Receivable (6%, due in 2 years) 23,000 Land 77, 300 Accounts Payable 8,25e Common Stock 99, eee Retained Earnings 32,700 Totals $141,500 $141,500 During January Year 1, the following transactions occur January 2 Provide services to customers for cash, $38, 100, January 6 Provide services to customers on account, $75,400. January 15 Write off accounts receivable as uncollectible, $1,200. January 20 Pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 Pay cash on accounts payable, $5,800. January 30 Pay cash for utilities during January, $14,000. 3. Prepare an adjusted trial balance as of January 31, Year 1. Debit Credit Adjusted Trial Balance January 31, Year 1 Accounts Cash Accounts Receivable Supplies Supplies Expense Allowance for Uncollectible Accounts Bad Debt Expense Notes Receivable Land Accounts Payable 23.000 77.300 S ! Required information 23,000 77,300 Bad Debt Expense Notes Receivable Land Accounts Payable Common Stock Retained Earnings Interest Receivable Interest Revenue Salaries Expense Salaries Payable Utilities Expense Service Revenue 32,700 14,000 Totals S 114,300 S 32.700 Credit Required information [The following information applies to the questions displayed below.) On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Cash $ 24,500 Accounts Receivable 13,900 Allowance for Uncollectible Accounts $ 1,550 Supplies 2,800 Notes Receivable (6%, due in 2 years) 23 , . 77,300 Accounts Payable 8,250 Common Stock 99,000 Retained Earnings $141,500 $141,500 Land 32,700 Totals During January Year 1. the following transactions occur January 2 Provide services to customers for cash, $38,100, January 6 Provide services to customers on account, $75,400. January 15 Write off accounts receivable as uncollectible, $1,200. Manuary A Pav cash for salaries $21.700. Prou ho January 20 Pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 Pay cash on accounts payable, $5,800. January 30 Pay cash for utilities during January, $14,000. 4. Prepare an income statement for the period ended January 31, Year 1. Income Statement For the year ended January 31, Year 1 Revenues: Total Revenues S 0 Funnnene For the year ended January 31, Year 1 Revenues: Total Revenues $ 0 Expenses Required information Expenses: Total Expenses 0 Cash Required information [The following information applies to the questions displayed below.) On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit $ 24,500 Accounts Receivable 13,900 Allowance for Uncollectible Accounts $ 1,550 Supplies 2,800 Notes Receivable (6%, due in 2 years) 23,000 Land 77,300 Accounts Payable 8,250 Common Stock 99,000 Retained Earnings 32,700 Totals $141,500 $141,500 During January Year 1, the following transactions occur: Check my wo During January year 1, the following transactions occur: January 2 Provide services to customers for cash, $38,100. January 6 Provide services to customers on account, $75,400. January 15 Write off accounts receivable as uncollectible, $1,200. January 20 Pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 Pay cash on accounts payable, $5,800. January 30 Pay cash for utilities during January, $14,000. 5. Prepare a classified balance sheet as of January 31, Year 1. (Deductible amount should be indicated with by a minus sign.) Balance Sheet January 31, Year 1 Assets Liabilities Current Assets Current Liabuities Required information Current Assets Current Liabilities 0 Total Current Liabilities 0 0 Total Current Assets Long-term assets Total Liabilities Stockholders' Equity Required information 0 0 Total Current Assets Long term assets Total Liabilities Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets $ $ 0 Help L'uniy umuupu w Miyu HUU Upuyuwur. On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,500 Accounts Receivable 13,900 Allowance for Uncollectible Accounts $ 1,550 Supplies 2,800 Notes Receivable (6%, due in 2 years) 23 , Land 77,300 Accounts Payable 8,250 Common Stock 99,000 Retained Earnings 32,700 Totals $141,500 $141,500 During January Year 1. the following transactions occur: January 2 Provide services to customers for cash, $38,100. January 6 Provide services to customers on account, $75,400. January 15 Write off accounts receivable as uncollectible, $1,200. January 20 Pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 Pay cash on accounts payable, $5,800. January 25 Pay cash on accounts payable, $5,800. January 30 Pay cash for utilities during January, $14,000. 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No J the first account field.) View transaction list Journal entry worksheet 2 > Record the closinn entry for revenue 2. Record the closing entry for revenue. Note: Enter debits before credits. Date General Journal Debit Credit January 31 1 N Record the closing entry for expenses. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Required information [The following information applies to the questions displayed below.) On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,500 Accounts Receivable 13,900 Allowance for Uncollectible Accounts $ 1,550 Supplies 2,800 Notes Receivable (6%, due in 2 years) 23,000 Land 77, 300 Accounts Payable 8,250 Common Stock 99,000 Retained Earnings 32.780 Totals $141,500 $141,500 During January Year 1. the following transactions occur: Tanuary 7 Provide services to customers for cash SR 100 SIR WUR U HUMORULUI January 2 Provide services to customers for cash, $38,100. January 6 Provide services to customers on account, $75,400. January 15 Write off accounts receivable as uncollectible, $1,200. January 20 Pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, 573,000 January 25 Pay cash on accounts payable, $5,800. January 30 Pay cash for utilities during January, 314,000. 7. Analyze how well a company 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.) The receivables turnover ratio is Check my work Required information -2. If the industry average of the receivables turnover ratios for the month of January is 4.1 times, is the company collecting ash from customers more or less efficiently than other companies in the same industry? O More O Less b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January (Round your final answer to 1 decimal place.) 96 Allowance for Uncollectible Accounts ratio

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