In: Accounting
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. 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