In: Accounting
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 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. |
The following information is available on January 31, 2018.
Prepare a general journal including the closing entries for revenue and expenses. Also prepare an income statement, balance sheet, and
Enter your Accounts Receivable turnover value in one decimal place and Ratio of Allowance for Uncollectible Accounts in Whole number on an analysis table.