Question

In: Accounting

On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances:...

On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances:
  

  Accounts Debit Credit
  Cash $ 25,500
  Accounts Receivable 14,400
  Allowance for Uncollectible Accounts $ 2,400
  Supplies 3,300
  Notes Receivable (6%, due in 2 years) 28,000
  Land 77,800
  Accounts Payable 9,400
  Common Stock 104,000
  Retained Earnings 33,200
       Totals $ 149,000 $ 149,000

During January 2018, the following transactions occur:
  

January 2 Provide services to customers for cash, $43,100.
January 6 Provide services to customers on account, $80,400.
January 15 Write off accounts receivable as uncollectible, $2,000.
January 20 Pay cash for salaries, $32,200.
January 22 Receive cash on accounts receivable, $78,000.
January 25 Pay cash on accounts payable, $6,300.
January 30 Pay cash for utilities during January, $14,500.


The following information is available on January 31, 2018.

  1. The company estimates future uncollectible accounts. The company determines $5,800 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.)
  2. Supplies at the end of January total $650.
  3. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
  4. Unpaid salaries at the end of January are $34,300.

1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-11).

3. Review the adjusted 'Trial Balance' as of January 31, 2018, in the 'Trial Balance' tab.

4. Prepare an income statement for the period ended January 31, 2018, in the 'Income Statement' tab.

5. Prepare a classified balance sheet as of January 31, 2018 in the 'Balance Sheet' tab.

6. Record the closing entries in the 'General Journal' tab (these are shown as items 12 and 13).

7. Using the information from the requirements above, complete the 'Analysis' tab.

Please help

Solutions

Expert Solution

ekkarill92 answered 4 months ago
Next > < Previous

Related Solutions

On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances:...
On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances:      Accounts Debit Credit   Cash $ 24,500   Accounts Receivable 13,900   Allowance for Uncollectible Accounts $ 1,400   Supplies 2,800   Notes Receivable (6%, due in 2 years) 23,000   Land 77,300   Accounts Payable 8,400   Common Stock 99,000   Retained Earnings 32,700        Totals $ 141,500 $ 141,500 During January 2018, the following transactions occur:    January 2 Provide services to customers for cash, $38,100. January 6 Provide services to...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,100 Accounts Receivable 15,200 Allowance for Uncollectible Accounts $ 4,000 Supplies 4,100 Notes Receivable (6%, due in 2 years) 20,000 Land 80,500 Accounts Payable 8,900 Common Stock 100,000 Retained Earnings 34,000 Totals $ 146,900 $ 146,900 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $51,100. January 6 Provide services to customers on...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,700 Accounts Receivable 15,500 Allowance for Uncollectible Accounts $ 4,600 Supplies 4,400 Notes Receivable (6%, due in 2 years) 23,000 Land 80,800 Accounts Payable 9,500 Common Stock 103,000 Retained Earnings 34,300 Totals $ 151,400 $ 151,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $54,100. January 6 Provide services to customers on...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,700 Accounts Receivable 15,500 Allowance for Uncollectible Accounts $ 4,600 Supplies 4,400 Notes Receivable (6%, due in 2 years) 23,000 Land 80,800 Accounts Payable 9,500 Common Stock 103,000 Retained Earnings 34,300 Totals $ 151,400 $ 151,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $54,100. January 6 Provide services to customers on...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Account...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Account Debit Credit Cash $25,200 Accounts Receivable 46,400 Allowance for Uncollectible Accounts $4,300 Inventory 20,100 Land 47,000 Equipment 16,000 Accumulated Depreciation 1,600 Accounts Payable 28,600 Notes Payable (6%, due April 1, 2019) 51,000 Common Stock 36,000 Retained Earnings 33,200 Totals 154,700 154,700 During January 2018, the following transactions occur: January 2. Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year...
On January 1, 2018, the general ledger of TNT Fireworks includes the following account balances:   ...
On January 1, 2018, the general ledger of TNT Fireworks includes the following account balances:      Accounts Debit Credit   Cash $ 59,200   Accounts Receivable 26,000   Allowance for Uncollectible Accounts 2,700   Inventory 36,800   Notes Receivable (5%, due in 2 years) 18,000   Land 160,000   Accounts Payable 15,300   Common Stock 225,000   Retained Earning 57,000        Totals $ 300,000 $ 300,000    During January 2018, the following transactions occur:    January 1. Purchase equipment for $20,000. The company estimates a residual value of $2,000 and...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:   ...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:      Accounts Debit Credit   Cash $ 25,100   Accounts Receivable 46,200   Allowance for Uncollectible Accounts $ 4,200   Inventory 20,000   Land 46,000   Equipment 15,000   Accumulated Depreciation 1,500   Accounts Payable 28,500   Notes Payable (6%, due April 1, 2019) 50,000   Common Stock 35,000   Retained Earnings 33,100        Totals $ 152,300 $ 152,300    During January 2018, the following transactions occur: January 2. Sold gift cards totaling $8,000. The cards are...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:   ...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:      Accounts Debit Credit   Cash $ 26,800   Accounts Receivable 49,600   Allowance for Uncollectible Accounts $ 5,900   Inventory 21,700   Land 63,000   Equipment 23,500   Accumulated Depreciation 3,200   Accounts Payable 30,200   Notes Payable (6%, due April 1, 2019) 67,000   Common Stock 52,000   Retained Earnings 26,300        Totals $ 184,600 $ 184,600    During January 2018, the following transactions occur: January 2. Sold gift cards totaling $11,400. The cards are...
On January 1, 2018, the general ledger of TNT Fireworks includes the following account balances:   ...
On January 1, 2018, the general ledger of TNT Fireworks includes the following account balances:      Accounts Debit Credit   Cash $ 59,200   Accounts Receivable 26,000   Allowance for Uncollectible Accounts 2,700   Inventory 36,800   Notes Receivable (5%, due in 2 years) 18,000   Land 160,000   Accounts Payable 15,300   Common Stock 225,000   Retained Earning 57,000        Totals $ 300,000 $ 300,000    During January 2018, the following transactions occur:    January 1. Purchase equipment for $20,000. The company estimates a residual value of $2,000 and...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:   ...
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:      Accounts Debit Credit   Cash $ 25,100   Accounts Receivable 46,200   Allowance for Uncollectible Accounts $ 4,200   Inventory 20,000   Land 46,000   Equipment 15,000   Accumulated Depreciation 1,500   Accounts Payable 28,500   Notes Payable (6%, due April 1, 2019) 50,000   Common Stock 35,000   Retained Earnings 33,100        Totals $ 152,300 $ 152,300    During January 2018, the following transactions occur: January 2. Sold gift cards totaling $8,000. The cards are...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT